Global insured losses from natural disasters in first half pegged at $53B

First-half global insured losses from natural disasters totaled $53 billion, the fourth highest on record, as severe convective storms wreaked havoc on the U.S., according to a report Thursday from Aon Plc.

Global economic losses of $194 billion, the fifth highest on record and the highest since 2011, were also above the first-half average of $128 billion for the 21st century, the report said.

Losses were spread across the globe.

Severe convective storm activity in the U.S. drove much of the insured loss in the first half,  responsible for at least 13 individual billion-dollar events and $35 billion in total preliminary insured losses.

The earthquakes in Turkey and Syria during the first quarter of 2023 caused an estimated $91 billion in economic losses, nearly half of the total for the first half of 2023, according to the report.

Two billion-dollar disasters hit the North Island of New Zealand in a three-week period in the first quarter with the remnants of Cyclone Gabriele and then severe flooding in Auckland. These ranked as the fifth and sixth costliest events for insured losses in New Zealand overall, Aon said.

While the vast majority of prolonged wildfire activity across multiple Canadian provinces did not cause significant material damage to property, the fires resulted in more than 10 million hectares of land being burned, generating hazardous air conditions with potentially significant health impacts for tens of millions of people across North America. Economic losses are estimated in the hundreds of millions, notably on the outskirts of Halifax, Nova Scotia, due to the Tantallon wildfire.