The cost of natural and man-made disasters in 2023

Cost of natural disasterSwiss Re's initial forecasts suggest that the economic damage caused by natural disasters is likely to reach 260 billion USD in 2023.

Estimated at 100 billion USD, insured losses would be 25% lower than those recorded in 2022, but still higher than the ten-year average of 89 billion USD.

The violent earthquake that rocked Turkey and Syria in February is considered the most costly loss of the year. Insurance companies are expecting a total of 6 billion USD in claims for this event alone.

The Swiss group also believes that the violent storms that hit several countries in 2023 are the main contributors to the heavy cost of natural catastrophe claims. For this type of event, Swiss Re is anticipating insured losses amounting to 60 billion USD. The USA and Italy were the hardest-hit countries.

Other notable catastrophes of the year included Hurricane Otis in Mexico, cyclones and floods in New Zealand, and forest fires in Hawaii.

Man-made disasters are expected to generate economic damage worth 9 billion USD in 2023, 8 billion of which will be borne by insurers.


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