The natural disasters demonstrate that economic factors, in the last two years augmented by inflation, are the main driver of elevated insured losses from natural catastrophes
Natural disasters resulted in global economic losses of USD 275 billion in 2022, of which USD 125 billion were covered by insurance, the fourth highest one-year total
Natural catastrophe-related losses will continue to be the largest risk to Japanese nonlife insurers’ earnings in fiscal year 2023, though the effects of inflation are catching up
Climate change is taking an increasing toll. The natural disaster figures for 2022 are dominated by events that are more intense or are occurring more frequently