Natural disasters, damage of 380 billion dollars in 2023

Aon data on losses related to climate events and earthquakes

The unprecedented climate crisis we are facing seems to have no end and, indeed, in 2023 the data recorded by different sources underline a marked increase in the number of climate-related natural disasters, not to mention the record temperatures recorded in all seasons and practically in every corner of the globe. In this apocalyptic scenario, we are not only dealing with the loss of human life due to natural disasters and earthquakes, but also with material and economic damage. According to Aon, a multinational specialized in risk consultancy, in the 2024 Climate and Catastrophe Insight Report, the overall damage caused by natural disasters in the world in 2023 would amount to 380 billion dollars, with an increase of approximately 25 billion compared to 2022. .

The most destructive events in the world

Most of the overall damages detected by the Aon report for 2023 concern some specific events. Starting from the wake of devastating earthquakes that occurred in Turkey and Syria in February with numerous losses of human lives and economic damage of over 90 billion dollars. Other particularly disastrous events have characterized the past year. Floods due to torrential rain have occurred on several occasions in China, causing economic damage in excess of 30 billion dollars. Considerable damage, over 15 billion dollars, also in Mexico due to Hurricane Otis, the most devastating ever recorded in the Eastern Pacific. But it is not only extraordinary rainfall that causes disasters, prolonged drought also causes economic losses, as has happened from North to South America. Not to mention the convective storms due to intense warming, which, being increasingly frequent, together create significant combined damage. To give an idea of ​​the destructive extent of the natural events recorded in 2023, consider that 66 events caused damage amounting to approximately one billion dollars in economic losses each. The aforementioned study also reports insurance losses linked to compensation paid by companies due to extreme events, which in 2023 exceeded 100 billion dollars for the fourth consecutive year and grew by 31% compared to the 21st century average.

The Italian scenario

In our country, among the heaviest economic natural disasters of 2023 is the flood in Emilia-Romagna, which occurred in May, the sixth catastrophic event for economic loss worldwide with 9.8 billion dollars in damages . Just two months later, in July, several storms with hail and tornadoes in Northern Italy caused extensive damage, with an estimated cost to the insurance market of 3.7 billion euros. Autumn 2023 brought floods to Tuscany, between late October and early November, with losses estimated at around 2 billion euros. A series of increasingly recurrent and devastating extreme events that place our country among the most exposed in Europe to atmospheric risks