While global economic losses from 2022's natural catastrophes are 4 percent above the 21st century average at $313 billion, the $132 billion in insured losses from those catastrophes is 57 percent above the 21st century average, according to Aon.
Insured losses from natural disasters reached $120 billion in 2022, according to an assessment from Munich Re, while total natural disaster costs reached an estimated $270 billion last year. Total disaster losses were down from the $320 billion experienced in 2021 but continued a run of large loss years.
Insured losses related to Winter Storm Elliott will reach $5.4 billion across 42 states, according to analysis by risk modeling firm Karen Clark & Company (KCC). Commercial losses are expected to account for half of all insured losses from the storm, KCC said.
In their summary of the 2022 Atlantic hurricane season, researchers at Colorado State University noted that this year's season was a near-average season by most metrics, with slightly below-average levels of accumulated cyclone energy. The season's most significant continental US storm was September's Hurricane Ian.
This year's natural catastrophe insured losses have reached $115 billion, well above the 10-year average of $81 billion, according to Swiss Re. This year is the second consecutive year in which estimated catastrophe insured losses exceeded $100 billion, the reinsurer said.