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Jul 2022

Asia Pacific leads the first quarter of 2022 in natural hazard losses

Source: Middle East Insurance Review | May 2022

The Asia-Pacific region accounted for the largest portion of economic losses due to natural hazards in the first quarter of 2022. Asia Pacific led the tally with losses more than $15bn, followed by Europe with $7bn and the US at $6bn, according to Aon report Global Catastrophe Recap – 1Q 2022.
 
The total losses due to natural hazards in the first quarter of 2022 have been pegged at $32bn and less than 50% ($14bn) was insured by public and private insurers.
 
The Aon report reveals that this year was the sixth consecutive one with more than $10bn insured first-quarter losses.
 
The report said, “These totals are expected to be upwardly revised in the coming weeks and months due to loss development expected in the aftermath of larger scale events.” The quarter included some multibillion-dollar losses.
 
The growing impact of ‘secondary perils’, such as winter weather, flooding, and severe convective storm, have accounted for a significant portion of the overall quarterly economic cost, said Aon.
 
The report said, “This reinforces the question as to whether the term ‘secondary peril’ has become obsolete because the losses associated with these perils are impacting more populated communities with increasing intensity and resulting in higher loss costs.” M 
 

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