Insurance Handbook

2022 natural catastrophes

Aon defines a catastrophe as a natural event that causes any of the following:

  • $25 million or more in insured property losses
  • ten deaths
  • 50 people injured
  • 2,000 filed claims or homes and structures damaged.

Aon’s natural catastrophe estimates include Puerto Rico and the U.S. Virgin Islands and include losses sustained by private insurers and government-sponsored programs such as the National Flood Insurance Program. They are subject to change as loss estimates are further developed.

Natural Catastrophe Losses In The United States By Peril, 2023 (1)

($ millions)

Peril Number of events Fatalities Economic losses (2) Insured losses (3)
Severe convective storm 53 137 $72,649 $57,624
Wildfire, drought, heatwave 5 257 20,073 10,413
Flooding 16 18 11,812 5,919
Winter storm 11 14 4,898 3,403
Tropical cyclone 4 4 4,693 2,290
Total 89 430 $114,125  $79,649 

(1) Natural disasters that cause at least $25 million in insured losses; or 10 deaths; or 50 people injured; or 2,000 filed claims or homes and structures damaged. Includes Puerto Rico and the U.S. Virgin Islands.
(2) Includes any direct physical damage or direct net loss business interruption costs.
(3) Includes losses sustained by private insurers and government-sponsored programs such as the National Flood Insurance Program. Subject to change as loss estimates are further developed. As of January 2024.

~ =Approximately.

Source: Aon.

View Archived Tables

Natural Catastrophes By Quarter, 2023 (1)

(2023 $ millions)

Quarter Estimated insured losses
1 $19,882
2 31,829
3 25,324
4 2,614
Full year $79,649

(1) Natural disasters that cause at least $25 million in insured losses; or 10 deaths; or 50 people injured; or 2,000 filed claims or homes and structures damaged. Includes Puerto Rico and the U.S. Virgin Islands. Includes losses sustained by private insurers and government-sponsored programs such as the National Flood Insurance Program. Subject to change as loss estimates are further developed. As of January 2024.

Source: Aon.

View Archived Tables

Estimated Insured Property Losses, U.S. Natural Catastrophes, 2014-2023 (1)

($ billions)

Year In dollars
when occurred		 In 2023
dollars (2)
2014 $23.4 $30.5
2015 23.0 29.9
2016 31.9 40.9
2017 131.0 163.9
2018 60.9 74.5
2019 39.2 47.2
2020 81.5 96.9
2021 93.3 106.0
2022 109.6 114.0
2023 78.8 79.6

(1) Natural disasters that cause at least $25 million in insured losses; or 10 deaths; or 50 people injured; or 2,000 filed claims or homes and structures damaged. Includes Puerto Rico and the U.S. Virgin Islands. Includes losses sustained by private insurers and government-sponsored programs such as the National Flood Insurance Program. Subject to change as loss estimates are further developed. As of January 2024. Adjusted for inflation by Aon using the U.S. Consumer Price Index.

Source: Aon.

View Archived Tables

Top 10 Costliest Natural Catastrophes, United States (1)

($ millions)

      Estimated insured property loss
Rank Year Peril Dollars when occurred In 2023 dollars (2)
1 2005 Hurricane Katrina $65,000 $101,865
2 2022 Hurricane Ian 54,000 55,772
3 2021 Hurricane Ida 36,000 40,503
4 2012 Hurricane Sandy 30,000 39,918
5 2017 Hurricane Harvey 30,000 37,609
6 2017 Hurricane Irma 30,050 37,473
7 2017 Hurricane Maria 29,511 36,802
8 1992 Hurricane Andrew 16,000 34,951
9 1994 Northridge Earthquake 15,300 32,210
10 2008 Hurricane Ike 18,200 25,604

(1) Natural disasters that cause at least $25 million in insured losses; or 10 deaths; or 50 people injured; or 2,000 filed claims or homes and structures damaged. Includes Puerto Rico and the U.S. Virgin Islands. Includes losses sustained by private insurers and government-sponsored programs such as the National Flood Insurance Program. Subject to change as loss estimates are further developed. As of January 2024.
(2) Adjusted for inflation by Aon using the U.S. Consumer Price Index.

Source: Aon.

View Archived Tables