The Strategist

Munich Re: Natural disasters brought $250B global damage in 2023

01/10/2024 - 06:21

According to preliminary data from Germany's Munich Re, the largest reinsurance firm in the world, the overall damage caused by natural catastrophes to the global economy last year was approximately $250 billion, same as in 2022.

Voice of America
Voice of America
In the meantime, insured losses decreased from $125 billion to $95 billion in 2023. $105 billion is the average over the last five years, while $90 billion is the average over the last ten years.

Over 74,000 documented disasters occurred last year exceeded the five-year average of 10,000 natural disasters. The year's worst humanitarian disasters were earthquakes in Syria and Turkey.

According to the yearly report, thunderstorms in North America and Europe in 2023 were the most destructive yet. Property worth $66 billion was destroyed in North America (of which $50 billion was insured), and €9.1 billion (€7.3 billion) was destroyed in Europe.

The total estimated damage caused by natural disasters in Europe last year was €77 billion, primarily from earthquakes in Turkey. The total losses in North America were estimated to be $100 billion, while losses in Asia-Pacific and Africa amounted to $64 billion.