Insurance Handbook

Key Facts

According to the Aon 2023 Weather, Climate and Catastrophe Insight:

  • Global insured losses from 421 notable natural catastrophes totaled $132 billion, the fifth costliest year on record for insurers and 57 percent above the 21st-century average.
  • Hurricane Ian was the costliest event of 2022 with an estimated $50-$55 billion in losses, and was second on record to Hurricane Katrina in 2005.
  • There were 19 billion-dollar insured loss events in 2022, tied for the fifth highest on record.

World Insurance Losses

Natural catastrophes

Top 10 Costliest World Natural Disasters by Insured Losses, 2022 (1)

(US$ billions)

Rank Date Country/region Event Insured loss (2)
1 Sep. 29-Oct. 1 U.S., Cuba Hurricane Ian $52.5
2 Annual U.S. U.S. Drought 8.0
3 Feb. 23-Mar. 31 Austrailia QLD & NSW Floods 4.0
4 Feb. 18-19 Western and Central Europe Windstorm Eunice 3.4
5 Annual Southern, Western and Central Europe European Drought 3.0
6 Mar. 16 Japan Fukushima Earthquake 2.9
7 Jun. 1-Sep. 30 China China Seasonal Floods 0.4
8 Annual China China Drought 0.2
9 May 17-Oct. 31 India India Seasonal Floods 0.1
10 Jun. 14-Oct. 30 Pakistan Pakistan Seasonal Floods 0.1
All other events       $57.4
Total 2022       $132.0

(1) Natural disasters that cause at least US$25 million in insured losses; or 10 deaths; or 50 people injured; or 2,000 filed claims or homes and structures damaged. Hurricane losses in the United States include National Flood Insurance Program losses. As of January 2023.
(2) Includes losses sustained by private insurers and government-sponsored programs. Subject to change as loss estimates are further developed.
(3) Includes severe convective storms such as thunderstorms, tornadoes and hailstorms, straight-line winds and flooding that could occur with these storms.

Note: Loss data shown here may differ from figures shown elsewhere for the same event due to differences in the date of publication, the geographical area covered and other criteria used by organizations collecting the data.

Source: Aon.

View Archived Tables

World Natural Disaster Events Ranked by Number Of Insured Losses, 2022 (1)

 

Rank Peril Insured loss (US$ billions)
1 Tropical cyclone $56
2 Severe weather (2) 38
3 Flooding 12
4 Drought 12
5 EU Windstorm 6
6 Winter weather 5
7 Earthquake 3
8 Wildfire 1
9 Other 0
  Total 133 (3)

(1) Natural disasters that cause at least US$25 million in insured losses; or 10 deaths; or 50 people injured; or 2,000 filed claims or homes and structures damaged. As of January 2023.
(2) Includes severe convective storms such as thunderstorms, tornadoes and hailstorms, straight-line winds and flooding that could occur with these storms.
(3) Chart total and amount cited in text may be different due to rounding by the source, Aon.

Source: Aon.

View Archived Tables

Top 10 Costliest World Natural Disasters By Insured Losses, 1900-2022 (1)

(2022 US$ billions)

Rank Date  Country/region Event Insured loss (2)
1 Aug. 2005 U.S. Hurricane Katrina $99 
2 Sept. 2022 U.S., Cuba Hurricane Ian 53
3 Mar. 11, 2011 Japan 2011 Tohoku Earthquake/Tsunami 47
4 Sep. 2017 U.S., Caribbean Hurricane Irma 40
5 Aug.-Sep. 2021 U.S., Caribbean Hurricane Ida 39
6 Oct. 2012 U.S. Hurricane Sandy 39
7 Aug. 2017 U.S. Hurricane Harvey 36
8 Sep. 2017 U.S., Caribbean Hurricane Maria 36
9 Aug. 1992 U.S., Bahamas Hurricane Andrew 34
10 Jan. 17, 1994 U.S. Northridge Earthquake 31

(1) Natural disasters that cause at least US$25 million in insured losses; or 10 deaths; or 50 people injured; or 2,000 filed claims or homes and structures damaged. Losses for hurricanes in the United States include losses for the National Flood Insurance Program. As of January 2023.
(2) Adjusted for inflation by Aon using the U.S. Consumer Price Index.

Note: Loss data shown here may differ from figures shown elsewhere for the same event due to differences in the date of publication, the geographical area covered and other criteria used by organizations collecting the data.

Source: Aon.

View Archived Tables

Top 10 Deadliest World Natural Catastrophes, 2022 (1)

 

Rank Date Country Event Deaths
1 Jul. 10-20 Western, Southern and Central Europe Heatwave 15,450
2 Jun. 13-19 Western, Southern and Central Europe Heatwave 3,750
3 May 17-Oct. 31 India India seasonal floods 2,135
4 Jun. 14-Oct. 30 Pakistan Pakistan seasonal floods 1,739
5 Jun. 22 Afghanistan, Pakistan Earthquake 1,163
6 Jul. 1-Oct. 31 Nigeria Nigeria seasonal floods 660
7 Nov. 21 Indonesia Cianjur Earthquake 603
8 Apr. 8-15 South Africa KwaZulu-Natal floods 455
9 Feb. 15-16 Brazil Rio de Janeiro floods 232
10 Apr. 8-13 Phlippines Tropical Storm Megi 214
All other events       ~4,900
Total       ~31,300

(1) Natural disasters that cause at least 10 deaths. As of January 2023.
(2) Includes severe convective storms such as thunderstorms, tornadoes and hailstorms, straight-line winds and flooding that could occur with these storms.

~ =Approximately.

Source: Aon.

View Archived Tables

Top 10 Deadliest World Natural Catastrophes, 1950-2022 (1)

 

Rank Date Country/region Event Deaths
1 Nov. 12, 1970 Bangladesh Cyclone Bhola  300,000
2 Jul. 27, 1976 China Tangshan earthquake 242,769
3 Jul. 30, 1975 Taiwan, China Super Typhoon Nina 230,029
4 Dec. 26, 2004 Indian Ocean Basin Indian Ocean earthquake and tsunami 227,898
5 Jan. 12, 2010 Haiti Port-au-Prince earthquake 160,000
6 Apr. 1991 Bangladesh Cyclone Gorky 139,000
7 May 2008 Myanmar Cyclone Nargis 138,366
8 Aug. 1971 Vietnam Vietnam floods 100,000
9 Oct. 8, 2005 Pakistan Kashmir earthquake 88,000
10 May 12, 2008 China Sichuan earthquake 87,652

(1) Natural disasters that cause at least 10 deaths. Does not include drought or heatwave events. As of January 2023.

Source: Aon.

View Archived Tables

Top 10 Costliest Global Tropical Cyclones by Insured Losses, 1900-2022 (1)

(2022 US$ billions)

        Insured loss
Rank Date Country/region Event Dollars when
occurred
In 2022
dollars (2)
1 Aug. 2005 U.S. Hurricane Katrina $65 $99
2 Sep. 2022 U.S., Cuba Hurricane Ian 53 53
3 Sep. 2017 U.S., Caribbean Hurricane Irma 33 40
4 Aug. 2021 U.S., Caribbean Hurricane Ida 36 39
5 Oct. 2012 U.S., Caribbean, Canada Hurricane Sandy 30 39
6 Aug. 2017 U.S. Hurricane Harvey 30 36
7 Sep. 2017 U.S., Caribbean Hurricane Maria 30 36
8 Aug. 1992 U.S., Caribbean Hurricane Andrew 16 34
9 Sep. 2008 U.S., Caribbean Hurricane Ike 18 25
10 Oct. 2005 U.S., Caribbean Hurricane Wilma 13 19

(1) Includes losses sustained by private insurers and government-sponsored programs. Subject to change as loss estimates are further developed. As of January 2023.
(2) Adjusted for inflation by Aon using the U.S. consumer price index.

Note: Loss data shown here may differ from figures shown elsewhere for the same event due to differences in the date of publication, the geographical area covered and other criteria used by organizations collecting the data.

Source: Aon.

View Archived Tables

Top 10 Costliest Global Severe Convective Storms by Insured Losses, 1900-2022 (1)

(2022 US$ billions)

        Insured loss
Rank Date Country/region Event Dollars when
occurred
In 2022
dollars (2)
1 Aug. 2020 U.S. Severe convective storm  (includes Midwest Derecho) $9.2 $10.5
2 Apr. 2011 U.S. 2011 Super Outbreak 7.3 9.7
3 May 2011 U.S. Joplin Tornado/Severe convective storm 6.9 9.1
4 May 2003 U.S. Severe convective storm 3.2 5.2
5 Jul. 2013 Europe Storm Andreas 3.8 4.9
6 May 2019 U.S. Severe convective storm 3.7 4.3
7 Apr. 2016 U.S. San Antonio Hailstorm 3.2 4.0
8 Jun. 2014 Europe Storm Ela 3.1 3.9
9 Jun. 2021 Europe June 17-25 Outbreak 3.5 3.8
10 Apr. 2001 U.S. St. Louis Hailstorm 2.2 3.7

(1) Includes severe convective storms such as thunderstorms, tornadoes and hailstorms, straight-line winds and flooding that could occur with these storms. Includes losses sustained by private insurers and government-sponsored programs. Subject to change as loss estimates are further developed. As of January 2023.
(2) Adjusted for inflation by Aon using the U.S. consumer price index.

Note: Loss data shown here may differ from figures shown elsewhere for the same event due to differences in the date of publication, the geographical area covered and other criteria used by organizations collecting the data.

Source: Aon.

View Archived Tables

Top 10 Costliest Global Wildfires by Insured Losses, 1900-2022 (1)

(2022 US$ billions)

        Insured loss
Rank Date Country Event Dollars when
occurred
In 2022
dollars (2)
1 Nov. 2018 U.S. Camp Fire $10.0 $11.8
2 Oct. 2017 U.S. Tubbs Fire 8.7 10.5
3 Nov. 2018 U.S. Woolsey Fire 4.2 5.0
4 Oct. 1991 U.S. Oakland (Tunnel) Fire 1.7 3.7
5 Oct. 2017 U.S. Atlas Fire 3.0 3.6
6 May 2016 Canada Horse Creek Fire 2.9 3.5
7 Sep.-Oct. 2020 U.S. Glass Fire 3.0 3.4
8 Aug.-Sep. 2020 U.S. CZU Lightning Complex Fire 2.5 2.9
9 Dec. 2017 U.S. Thomas Fire 2.2 2.7
10 Dec. 2021 U.S. Marshall Fire 2.5 2.7

(1) Individual wildfires. Includes losses sustained by private insurers and government-sponsored programs. Subject to change as loss estimates are further developed. As of January 2023.
(2) Adjusted for inflation by Aon using the U.S. consumer price index.

Note: Loss data shown here may differ from figures shown elsewhere for the same event due to differences in the date of publication, the geographical area covered and other criteria used by organizations collecting the data.

Source: Aon.

View Archived Tables

Resources