Aon Q1 Global Catastrophe Recap Report
London, UK (Apr. 14, 2022) – Aon plc, a leading global professional services firm, is pleased to announce it has published its Q1 Global Catastrophe Recap Report, which provides a preliminary estimate of global natural disaster losses for the first quarter of 2023.
The preliminary estimate of Q1 global natural disaster losses was well above the average when compared to the 21st Century baseline ($53 billion) and significantly higher than the median ($38 billion), which is not skewed by the record year of 2011. As of mid-April, total economic losses in Q1 of 2023 are estimated to reach at least $63 billion. These totals are largely driven by the devastating earthquake in Türkiye and Syria with approximately $39.1 billion; it is worth noting that this is based on an estimate of direct physical damage released in a rapid damage assessment report by the World Bank in late February. The final toll might eventually be significantly higher, as the entire amount of actual physical damage will likely not be settled for months to come.
Global losses to private and public insurance entities ($15 billion) are currently estimated to be close to both average and median of the last 10 years. Nevertheless, potential loss development is likely to increase the total further. It was also by far the deadliest first quarter since 2010, when a destructive earthquake in Haiti resulted in approximately 160,000 fatalities.
Key findings from the report include:
- As of mid-April, total economic losses in Q1 of 2023 are estimated to reach at least $63 billion.
- Global losses to private and public insurance entities ($15 billion) are currently estimated to be close to both the average and median of the last 10 years.
- The magnitude-7.8 earthquake in southern Türkiye and northern Syria was the strongest event, which claimed more than 57,000 lives and caused widespread destruction.
- A notable contributor to the global Q1 toll was the unprecedented weather-related losses in New Zealand within a span of four weeks, including the Auckland flooding and Cyclone Gabrielle. Current estimates of insured losses from those two events alone are close to $2 billion.
The full report is available via Aon’s interactive microsite. Along with this report, readers can access current and historical natural catastrophe data and event analysis at catastropheinsight.aon.com.
About Aon
Aon plc (NYSE:AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business. For more information, visit www.aon.com.
SOURCE: Aon plc
Tags: Aon, Natural Catastrophes, natural disaster losses
