Aon NZ Insurance Market Insights October 2023
Our October 2023 NZ Insurance Market Insights summarises how the insurance market has developed across key products and market dynamics over the first half of 2023, key trends to watch, and includes tips for navigating today’s market - to ensure you are better advised, better informed and able to make better decisions to protect and grow your business.
The first half of 2023 proved monumental for global natural catastrophe
risk – especially climate related – as economic losses stemming from
natural disasters globally reached USD 194 billion – above average the 21st
century of USD 128 billion. Key events contributing to the record-breaking
total include USD 7.2 billion in economic losses (insured and uninsured) for
New Zealand’s back-to-back Auckland Anniversary Weekend floods and
Climate related catastrophes have impacted the world, across many parts of
society and business. This includs insurers, who paid USD 53 billion in losses
from natural disaster events in the first half of 2023, some 46% above the 21st
century average of USD 36 billion. This extraordinary loss amount is all property
Say hello to your local Aon broker to discuss topics included in the October 2023 Insurance Market Insights report or to find out more about insurance and risk management.