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2024 Climate and Catastrophe Insight Report
February 17 , 2024
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- The 2024 Climate and Catastrophe Insight report was released by risk-mitigation service provider Aon PLC.
- The year 2023 saw 398 natural disasters that caused $380 billion in damages worldwide.
- This is more than the $355 billion economic loss estimated in 2022.
- Weather-related factors were responsible for 95 per cent of the 66 natural disasters in 2023 that resulted in damages of at least $1 billion.
- In 2023, insurance only covered 40 per cent of losses caused by weather and climate change.
- Insurance was only paid out $118 billion, or 31 per cent, of the total damages incurred.
- Much of the flood losses in 2023 occurred in South and Southeastern Asia, where the insurance penetration remains very low.
- This includes India, where the seasonal floods caused economic losses of around $300 million.
- Floods in India killed at least 2,653 people in 2023.
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