The Q3 2023 Natural Catastrophe Report from ICMIF Supporting Member, Gallagher Re, summarises the preliminary YTD Q1-Q3 global loss totals.
The findings of the report highlight an active and impactful first three quarters of 2023 resulting in elevated natural catastrophe losses globally. Total economic losses were estimated at USD 290 billion.
According to the report, 2023 is on track to become the sixth year since 2017 to exceed USD100B in annual insured losses. The decadal average (2013-2022) is USD112B, which signifies that a USD100B+ year has become a “new normal” for public and private insurance entities.
The insurance protection gap highlights how much opportunity exists to better prepare global citizens for natural catastrophe risk. While this opportunity is most urgent in countries with emerging and developing economies, large gaps exist in even the most mature insurance markets with individual perils, all of which is detailed in the full report.
Readers of this report can expect to learn about:
- The dominance of insured loss costs from ‘secondary perils’ — with severe convective storms (SCS) remaining the costliest global peril
- El Niño and the continued influence of climate change on various perils (including flooding drought, and wildfire) and the increased likelihood of 2023 being the warmest year ever recorded
- A recap of select major events and some perspective on financial loss implications for the industry through Q3
View and download the report here.
