The global modeled insured average annual loss from natural catastrophes is $133 billion, a new high captured in the latest analysis using Verisk’s extreme event solutions models. Not only should the insurance industry be prepared to experience total insured losses from natural catastrophes well in excess of $100 billion every year, but annual losses greater than $200 billion are also plausible. These values are up significantly over the decade, according to the 2023 Global Modeled Catastrophe Losses Report published by Verisk.

A new insurance sector report from Bloomberg Intelligence estimates that insured losses from natural catastrophes in H1 2023 point to 2023 being the third straight year of weather-event claims topping $100 billion, with much of these coming from secondary perils such as floods, hail and wildfires. All of the latter are becoming more frequent as global temperatures rise, notes BI.

It is beneficial for organisations to look to use accurate, timely intelligence to support employees impacted by cost-of-living pressures, geopolitical risks, and rising unrest in some regions around the world.

Hurricane Ian and other extreme weather events such as the winter storms in Europe, flooding in Australia and South Africa as well as hailstorms in France and in the US resulted in an estimated USD 115 billion of natural catastrophe insured losses this year to date, according to Swiss Re Institute.

The BCI is proud to launch its new Resilience in Conflict Report, sponsored by International SOS. This report looks at how conflicts in regions around the world are affecting organisations, how organisations manage resilience during periods of conflict, as well as the role of technology in this process.