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Facts + Statistics: Global catastrophes

Global Catastrophes

  • Insured losses from natural catastrophes totaled $130 billion, 76 percent above the 21st century average, and 18 percent higher than 2020, according to the 2021 Weather, Climate and Catastrophe Insight report from Aon.
  • Hurricane Ida was the largest insured loss event in 2021 and the fourth costliest hurricane on record with $36 billion in insured losses.
  • There were 20 billion-dollar insured loss events in 2021, the fourth highest on record. Insured losses of $17 billion from winter weather, was the costliest on record for this peril.
  • The $13 billion insured losses from European floods was the costliest disaster on record for the continent. Aon noted that roughly 38 percent of global economic losses were covered by insurance, translating to a protection gap of 62 percent.
  • Natural catastrophes in 2021 resulted in a total global economic loss of $270 billion, according to Swiss Re’s sigma report. Of those global economic losses, only $111 billion were actually insured. (Aon’s and Swiss Re’s figures differ because of different collection methods and criteria for classifying events).
  • According to the Swiss Re sigma report, man-made disasters totaled $10 billion in 2021, of which $8 billion were insured.
  • Marsh publishes a biennial report on the 100 largest losses in the hydrocarbon industry which summarizes the largest property damage losses from the hydrocarbon extraction, transport, and processing industry between 1974 and 2021.

World Natural Disaster Events Ranked by Number Of Insured Losses, 2023 (1)

 

Rank Peril Insured loss (US$ billions)
1 Severe Convective Storm $70
2 Flooding 13
3 Drought 10
4 Earthquake 7
5 Tropical Cyclone 6
6 Wildfire 5
7 Winter Weather 4
8 European Windstorm 4
9 Other 0
  Total $118 (2)

(1) Natural disasters that cause at least US$25 million in insured losses; or 10 deaths; or 50 people injured; or 2,000 filed claims or homes and structures damaged. As of January 2024.
(2) Chart total and amount cited in text may be different due to rounding by the source, Aon

Note: Loss data shown here may differ from figures shown elsewhere for the same event due to differences in the date of publication, the geographical area covered and other criteria used by organizations collecting the data.

Source: Aon.

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Top 10 Costliest World Natural Disasters By Insured Losses, 1900-2023 (1)

(2023 US$ billions)

Rank Date  Country/region Event Insured loss (2)
1 Aug. 2005 U.S. Hurricane Katrina $102 
2 Sept. 2022 U.S., Cuba Hurricane Ian 56
3 Mar. 11, 2011 Japan 2011 Tohoku Earthquake/Tsunami 48
4 Sep. 2017 U.S., Caribbean Hurricane Irma 42
5 Aug.-Sep. 2021 U.S., Caribbean Hurricane Ida 41
6 Oct. 2012 U.S. Hurricane Sandy 40
7 Aug. 2017 U.S. Hurricane Harvey 38
8 Sep. 2017 U.S., Caribbean Hurricane Maria 37
9 Aug. 1992 U.S., Bahamas Hurricane Andrew 35
10 Jan. 17, 1994 U.S. Northridge Earthquake 32

(1) Natural disasters that cause at least US$25 million in insured losses; or 10 deaths; or 50 people injured; or 2,000 filed claims or homes and structures damaged. Losses for hurricanes in the United States include losses for the National Flood Insurance Program. As of January 2024.
(2) Adjusted for inflation by Aon using the U.S. Consumer Price Index.

Note: Loss data shown here may differ from figures shown elsewhere for the same event due to differences in the date of publication, the geographical area covered and other criteria used by organizations collecting the data.

Source: Aon.

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Top 10 Deadliest World Natural Catastrophes, 2023 (1)

 

Rank Date Country Event Deaths
1 Feb. 6-20 Turkey and Syria Turkey and Syria Earthquakes 59,272
2 Aug. 13-27 Europe Heatwave 8,339
3 Jul. 10-30 Southern and Southeastern Europe Cerberus Heatwave 5,949
4 Sep. 4-12 Greece, Bulgaria, Libya, Turkey Storm Daniel 4,730
5 Sep. 8 Morocco High Atlas Earthquake 2,946
6 Apr. 1-Dec. 31 India India Seasonal Floods 2,653
7 Oct. 7-15 Afghanistan Western Afghanistan Earthquakes 1,480
8 Feb. 20-Mar. 15 Southern Africa Cyclone Freddy 1,434
9 Sep. 3-8 Western Europe Heatwave 1,306
10 May 2-5 Democratic Republic of the Congo Eastern DRC Flooding 470
All other events       ~6,400
Total       ~95,000

(1) Natural disasters that cause at least 10 deaths. As of January 2024.

~ =Approximately.

Source: Aon.

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Top 10 Deadliest World Natural Catastrophes, 1950-2023 (1)

 

Rank Date Country/region Event Deaths
1 Nov. 12, 1970 Bangladesh Cyclone Bhola  300,000
2 Jul. 27, 1976 China Tangshan earthquake 242,769
3 Jul. 30, 1975 Taiwan, China Super Typhoon Nina 230,029
4 Dec. 26, 2004 Indian Ocean Basin Indian Ocean earthquake and tsunami 226,408
5 Jan. 12, 2010 Haiti Port-au-Prince earthquake 160,000
6 Apr. 1991 Bangladesh Cyclone Gorky 139,000
7 May 2008 Myanmar Cyclone Nargis 138,366
8 Aug. 1971 Vietnam Vietnam floods 100,000
9 Oct. 8, 2005 Pakistan Kashmir earthquake 88,000
10 May 12, 2008 China Sichuan earthquake 87,652

(1) Natural disasters that cause at least 10 deaths. Does not include drought or heatwave events. As of January 2024.

Source: Aon.

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Top 10 Costliest Global Tropical Cyclones by Insured Losses, 1900-2023 (1)

(2023 US$ billions)

        Insured loss
Rank Date Country/region Event Dollars when
occurred
In 2023
dollars (2)
1 Aug. 2005 U.S. Hurricane Katrina $65 $102
2 Sep. 2022 U.S., Cuba Hurricane Ian 54 56
3 Sep. 2017 U.S., Caribbean Hurricane Irma 33 42
4 Aug. 2021 U.S., Caribbean Hurricane Ida 36 41
5 Oct. 2012 U.S., Caribbean, Canada Hurricane Sandy 30 40
6 Aug. 2017 U.S. Hurricane Harvey 30 38
7 Sep. 2017 U.S., Caribbean Hurricane Maria 30 37
8 Aug. 1992 U.S., Caribbean Hurricane Andrew 16 35
9 Sep. 2008 U.S., Caribbean Hurricane Ike 18 26
10 Oct. 2005 U.S., Caribbean Hurricane Wilma 13 19

(1) Includes losses sustained by private insurers and government-sponsored programs. Subject to change as loss estimates are further developed. As of January 2024.
(2) Adjusted for inflation by Aon using the U.S. consumer price index.

Note: Loss data shown here may differ from figures shown elsewhere for the same event due to differences in the date of publication, the geographical area covered and other criteria used by organizations collecting the data.

Source: Aon.

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Top 10 Costliest Global Severe Convective Storms by Insured Losses, 1900-2023 (1)

(2023 US$ billions)

        Insured loss
Rank Date Country/region Event Dollars when
occurred
In 2023
dollars (2)
1 Aug. 2020 U.S. Severe convective storm  (includes Midwest Derecho) $9.2 $10.9
2 Apr. 2011 U.S. 2011 Super Outbreak 7.6 10.3
3 May 2011 U.S. Joplin Tornado/Severe convective storm 7.0 9.5
4 May 2003 U.S. Severe convective storm 3.3 5.5
5 Jul. 2013 Europe Storm Andreas 3.8 5.0
6 Mar. 2023 U.S. Severe convective storm 4.9 5.0
7 Mar. - Apr. 2023 U.S., Canada Tornado Outbreak 4.3 4.4
8 May 2019 U.S. Severe convective storm 3.7 4.4
9 Jun. 2023 U.S. Severe convective storm 4.3 4.3
10 Apr. 2016 U.S. San Antonio Hailstorm 3.2 4.1

(1) Includes severe convective storms such as thunderstorms, tornadoes and hailstorms, straight-line winds and flooding that could occur with these storms. Includes losses sustained by private insurers and government-sponsored programs. Subject to change as loss estimates are further developed. As of January 2024.
(2) Adjusted for inflation by Aon using the U.S. consumer price index.

Note: Loss data shown here may differ from figures shown elsewhere for the same event due to differences in the date of publication, the geographical area covered and other criteria used by organizations collecting the data.

Source: Aon.

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Top 10 Costliest Global Wildfires by Insured Losses, 1900-2023 (1)

(2023 US$ billions)

        Insured loss
Rank Date Country Event Dollars when
occurred
In 2023
dollars (2)
1 Nov. 2018 U.S. Camp Fire $10.0 $12.2
2 Oct. 2017 U.S. Tubbs Fire 8.7 10.9
3 Nov. 2018 U.S. Woolsey Fire 4.2 5.1
4 Oct. 1991 U.S. Oakland (Tunnel) Fire 1.7 3.8
5 Oct. 2017 U.S. Atlas Fire 3.0 3.7
6 May 2016 Canada Horse Creek Fire 2.9 3.7
7 Aug. 2023 U.S. Maui / Hawaii Fire 3.0 3.5
8 Sep.-Oct. 2020 U.S. Glass Fire 3.0 3.5
9 Aug.-Sep. 2020 U.S. CZU Lightning Complex Fire 2.5 3.0
10 Dec. 2017 U.S. Thomas Fire 2.3 2.8

(1) Individual wildfires. Includes losses sustained by private insurers and government-sponsored programs. Subject to change as loss estimates are further developed. As of January 2024.
(2) Adjusted for inflation by Aon using the U.S. consumer price index.

Note: Loss data shown here may differ from figures shown elsewhere for the same event due to differences in the date of publication, the geographical area covered and other criteria used by organizations collecting the data.

Source: Aon.

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Nuclear incidents

The International Atomic Energy Agency (IAEA) rates the severity of nuclear incidents on the International Nuclear and Radiological Event Scale (INES) from one (indicating an anomaly) to seven (indicating a major event). The scale considers an event’s impact based on three criteria: its effect on people and the environment; whether it caused unsafe levels of radiation in a facility; and if preventive measures did not function as intended. Scales six and seven designate full meltdowns, where the nuclear fuel reactor core overheats and melts. Partial meltdowns, in which the fuel is damaged, are rated four or five.

Selected Examples of Historic Nuclear Events, as Classified by the INES Scale (1)

 

Level INES description Example Location Year
1 Anomaly Fast stop of the main circulation pumps
and simultaneous loss of their fly wheel
systems during reactor scram
Olkiluoto Nuclear Power Plant,  Finland 2008
    Exposure of two workers in the nuclear power plant beyond the dose constraints Rajasthan Nuclear Power Plant, India 2012
2 Incident Reactor trip due to high pressure in the reactor pressure vessel Laguna Verde Nuclear
Power Plant, Mexico
2011
    Overexposure of a practitioner in interventional radiology exceeding the annual limit Paris, France 2013
3 Serious incident Release of iodine 131 into the environment from the radioelements production facility Fleurus, Belgium 2008
    Severe overexposure of a radiographer Lima, Peru 2012
4 Accident with local consequences Radioactive material in scrap metal facility resulted in acute exposure of scrap dealer New Delhi, India 2010
    Overexposure of four workers at an irradiation facility Stamboliysky, Bulgaria 2011
5 Accident with wider consequences Severe damage to the reactor core Three Mile Island Nuclear Power Plant, USA 1979
    Four people died after being overexposed from an abandoned and ruptured high activity source Goiania, Brazil  1987
6 Serious accident Significant release of radioactive material to the environment after the explosion of a high activity waste tank Kyshtym, Russian Federation 1957
7 Major accident Significant release of radioactive material to the environment resulting in widespread health and environmental effects  Chernobyl, Ukraine 1986
    Significant release of radioactive material to the environment resulting in widespread environmental effects Fukushima, Japan 2011

(1) International Nuclear and Radiological Event Scale.

Source: International Atomic Energy Agency. INES Flyer.

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Insurance Catastrophe Loss Review: Oil Spills: View PowerPoint Presentation slides.

Resources

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Catastrophes
Facts + Statistics: Wildfires
Catastrophes
Facts + Statistics: Earthquakes and tsunamis
Catastrophes | Homeowners
Facts + Statistics: Flood insurance
Catastrophes
Facts + Statistics: Hurricanes
Catastrophes
Facts + Statistics: Tornadoes and thunderstorms