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The global insurance industry has racked up $50bn in losses from natural catastrophes in the worst start to a year since 2011. A series of widespread thunderstorms in the US and account for 68% of losses in the first half of 2023, and the February earthquake in Turkey and Syria was the single costliest disaster both in terms of economic and insured losses.
Severe convective storms – storms associated with thunder, lightning, heavy rain, hail, strong winds and sudden temperature changes – caused USD 35 billion (nearly 70%) in insured losses worldwide in the first half of 2023. This means that insured losses are almost twice as high in a six-month period as the annual average of the last ten years (USD 18.4 billion).
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