gray and yellow concrete buildings under white clouds during daytime

Zurich, Switzerland — A devastating earthquake in Turkey and Syria, severe convective storms (SCS) and large-scale urban floods were the main events driving insured natural catastrophe losses to USD 108 billion in 2023, Swiss Re said Tuesday.

Record 142 natural catastrophes in 2023 led to USD 108 billion insured losses, with severe storms causing most losses. Climate change intensifies hazards, requiring adaptation measures to reduce risk. Global insured losses from natural disasters exceeded economic growth over 30 years.

Losses doubled relative to GDP. Insured losses could double in next decade due to extreme weather events. Collaboration needed for risk mitigation and insurability maintenance. Earthquake in Turkey and Syria and severe storms were main loss drivers in 2023.

Insured losses from severe convective storms reached USD 64 billion globally, with hailstorms a major contributor. Premiums can incentivize adaptation measures. Adaptation measures include building codes enforcement and flood protection.

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By Lisa Luckas

Lisa Luckas is a Sr. Business News Editor at Nobot.News.

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