Global insured losses from natural catastrophes were estimated at $39 billion for the first half of 2022, up 31.6% from the first half of 2021’s $57 billion and 18% higher than the 2000s average of $33 billion, according to a report Tuesday from Aon PLC: s impact forecasts.
The costliest phenomena were severe convective storm events in the United States and Europe, which accounted for 54% of the total. Losses from severe convective storms in Europe in the first half of the year exceeded $5 billion for the second consecutive year, which is unprecedented, according to Aon/Impact.
The 197 notable natural disaster events recorded by Impact Forecasting for the first half of 2022 were above the 2000s average of 192, according to the report. Impact noted that “the numbers in the report are preliminary and will change as losses continue to unfold.”
Total economic losses from global natural disasters in the first half of 2022 are estimated at $92 billion — 24% lower than the 2000s average of $121 billion, the Aon report said. The first half of the year saw 21 individual billion dollar financial loss events – nine in the US; seven in Europe, the Middle East and Africa; and three in the Pacific region.
“While the reinsurance industry remains resilient in dealing with elevated loss costs, focus is now shifting to the upcoming peak of the Atlantic hurricane season, which could bring new challenges in the second half of the year,” Steve Bowen, president and director of catastrophe insight for Aon’s Impact Forecasting- team, said in a statement with the report.