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Global insured cat losses down 31.6% in H1: Aon

cat losses

Global insured losses from natural catastrophe events were estimated at $39 billion for the first half of 2022, off 31.6% from first-half 2021’s $57 billion and 18% higher than the 21st-century average of $33 billion, according to a report Tuesday from Aon PLC’s Impact Forecasting.

The costliest phenomena were severe convective storm events in the U.S. and Europe, accounting for 54% of the total. First-half severe convective storm losses in Europe exceeded $5 billion for the second year in a row, which is without precedent, according to Aon/Impact.

The 197 notable natural disaster events recorded by Impact Forecasting for first-half 2022 was above the 21st-century average of 192, according to the report. Impact noted that “figures within the report are preliminary and will change as losses continue to develop.”

Total economic losses from global natural disaster events during first half 2022 are estimated at $92 billion – 24% lower than the 21st century average of $121 billion, the Aon report said. First half saw 21 individual billion-dollar economic loss events – nine in the U.S.; seven in Europe, the Middle East and Africa; and three in Asian Pacific.

“While the re/insurance industry remains resilient in handling elevated loss costs, the focus now shifts to the upcoming peak of the Atlantic hurricane season, which may bring new challenges during the second half of the year,” Steve Bowen, managing director and head of catastrophe insight for Aon’s Impact Forecasting team, said in a statement with the report.