Insurance Handbook

Key Facts

According to calculations provided by Aon:

  • Estimated insured property losses in the U.S. from natural catastrophes declined to $99.9 billion in 2022 from $102.7 billion in 2021 (in 2022 dollars). The bulk of 2022 losses occurred in the third quarter when Hurricane Ian hit in September.
  • Hurricane Katrina stands as the costliest natural catastrophe, causing $65 billion in damage when it occurred in 2005, including losses from the NFIP. Katrina damages stated in 2022 would amount to $98.7 billion. However, 2022’s Hurricane Ian was the second costliest natural catastrophe causing $52.6 billion in damage.
  • There were 119 natural catastrophe loss events in 2022, resulting in about 466 fatalities.

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 Catastrophes By Quarter, 2022 (1)

(2022 $ millions)

Quarter Estimated insured losses
1 $7,004
2 25,583
3 63,288
4 4,054
Full year $99,930

(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 2023.

Source: Aon.

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Natural Catastrophe Losses In The United States By Peril, 2022 (1)

($ millions)

Peril Number of events Fatalities Economic losses (2) Insured losses (3)
Tropical cyclone 3 157 $96,097 $53,203
Severe convective storm 62 49 37,232 29,306
Wildfire, drought, heatwave 26 65 18,093 8,902
Winter storm 13 123 6,223 4,128
Flooding 15 72 7,234 3,346
Total 119 ~466 $164,879  $98,885 

(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 2023.

~ =Approximately.

Source: Aon.

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Estimated Insured Property Losses, U.S. Natural Catastrophes, 2013-2022 (1)

($ billions)

Year In dollars
when occurred		 In 2022
dollars (2)
2013 $24.1 $31.0
2014 23.2 29.2
2015 22.9 28.8
2016 31.6 39.3
2017 130.9 158.7
2018 60.4 71.6
2019 38.8 45.2
2020 81.0 93.3
2021 93.3 102.7
2022 98.8 99.9

(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 2023. Adjusted for inflation by Aon using the U.S. Consumer Price Index.

Source: Aon.

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Top 10 Costliest Natural Catastrophes, United States (1)

($ millions)

      Estimated insured property loss
Rank Year Peril Dollars when
occurred		 In 2022
dollars (2)
1 2005 Hurricane Katrina $65,000 $98,727
2 2022 Hurricane Ian 52,500 52,553
3 2021 Hurricane Ida 36,000 39,256
4 2012 Hurricane Sandy 30,000 38,688
5 2017 Hurricane Harvey 30,000 36,450
6 2017 Hurricane Irma 29,550 35,714
7 2017 Hurricane Maria 29,500 35,654
8 1992 Hurricane Andrew 16,000 33,875
9 1994 Northridge Earthquake 15,300 31,218
10 2008 Hurricane Ike 18,200 24,815

(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 2023.
(2) Adjusted for inflation by Aon using the U.S. Consumer Price Index.

Source: Aon.

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