Estimated cost of natural catastrophes in 2023

Swiss Re's most recent Sigma study indicates that the insured losses caused by natural catastrophes could reach or even exceed the 100 billion USD mark in 2023.

The main factors believed to be driving the increase in Nat-Cat claims are the growing number of properties at risk, and the rising construction costs due to inflation.

Insured losses for the first nine months of the current year are estimated at 80 billion USD, exceeding the ten-year average of 74 billion USD for the same period.

The earthquakes in Turkey and Syria are considered to be the most costly losses, costing the insurance market 6 billion USD.