2023 Weather, Climate And Catastrophe Insight

As climate change impacts the frequency and severity of costly weather events across the globe, the impact is tangible, immediate and measurable. With this challenge comes opportunity.

Aon’s 2023 Weather, Climate and Catastrophe Insight better informs readers to identify natural disaster trends and make better decisions to manage volatility and enhance global resilience.

This year, we investigate how to de-risk climate innovation and unlock opportunity to build a resilient future for the communities in which we live and work.

Snapshot

• Global economic losses from natural disasters were estimated at US$313 billion in 2022.

• Approximately 42 percent (US$132 billion) of losses were covered by insurance.

• While the protection gap (58 percent) was the lowest on record, it remains a global challenge but also shows an opportunity to provide further protection.

• Australia and South Africa recorded the costliest insurance industry events on record.

• 0.86°C above the 20th century average (NOAA): World’s sixth warmest year on record for land and ocean temperatures dating to 1880.

• 1.34°C above the 1991-2020 average: Hottest summer on record in Europe.

• 40.3°C record high temperature in the United Kingdom.

Read the full report > 
 

Findings for Oceania

Flood losses in Oceania broke historical records as the region suffered a third La Niña year, with the wettest winter in New Zealand and new rainfall records in Sydney.

Snapshot

• The Asia Pacific region losses from natural disasters were estimated at US$80 billion in 2022.

• Approximately 60.5% (US$48.4 billion) of losses were from flooding.

• Approximately 13.5% (US$10.8 billion) of losses were covered by insurance.

• The Asia Pacific region made up 26% of global economic losses.

Read the full Oceania report > 
 

Watch | 4 Learnings from Natural Catastrophes for 2023

Related articles

Catastrophes and Coverage: What 2022 Can Teach Us About Climate Risk
Climate Disclosures: Value Beyond Compliance
Rising to the Challenge of Climate Disclosure
 
As your organisation looks to address the risks and impacts of climate change holistically, Aon is here to support your journey towards a resilient and sustainable future.

Say hello to an Aon risk specialist today and find out how we can support you on your climate related risk journey.

Contact | Cecilia Tse | cecilia.tse2@aon.com