Natural disasters: 108 billion USD of insured losses in 2023

Insured losses generated by natural catastrophes have exceeded the 100 billion USD mark for the fourth year running, reaching 108 billion USD in 2023, according to a press release issued by the Swiss Re Institute. The cost of human-made catastrophes borne by insurers amounted to 9 billion USD.

The earthquake in Turkey and Syria was the costliest disaster of the year, causing insured losses totalling 6.2 billion USD. 30 events of medium severity* were recorded in 2023, exceeding the annual average of the previous ten years (17). These included 21 severe convective storms, which resulted in insured losses worth 64 billion USD.

Over the course of the same year, total economic losses reached 291 billion USD, 280 billion USD of which were attributable to natural disasters.

Jérôme Jean Haegeli, Chief Economist of the Swiss Re Group, pointed out that the absence of a major phenomenon in 2023, such as Hurricane Ian in 2022, did not help to reduce the cost of damage. He also drew attention to the accumulation of assets in high-risk areas, which will heighten the risk in the years to come.

* event with losses ranging from 1 to 5 billion USD.