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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 Insured Losses, 2024 (1)

(2024 US$ billions)

Rank Peril Insured loss (US$ billions)
1 Severe Convective Storm $62
2 Tropical Cyclone 48
3 Flooding 21
4 Winter Weather 4
5 Drought 4
6 Wildfire 3
7 European Windstorm 2
8 Earthquake 1
9 Other 0
  Total $145

(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 2025.
(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, 1900-2024 (1)

(2024 US$ billions)

        Insured loss
Rank Date  Country/region Event Dollars when occurred In 2024 dollars (2)
1 Aug. 2005 U.S. Hurricane Katrina $65 $104
2 Sept. 2022 U.S., Cuba Hurricane Ian 54 57
3 Mar. 11, 2011 Japan Tohoku Earthquake/Tsunami 35 49
4 Sep. 2017 U.S., Caribbean Hurricane Irma 33 43
5 Aug.-Sep. 2021 U.S., Caribbean Hurricane Ida 36 42
6 Oct. 2012 U.S. Hurricane Sandy 30 41
7 Aug.-Sep. 2017 U.S. Hurricane Harvey 30 39
8 Sep. 2017 U.S., Caribbean Hurricane Maria 30 38
9 Aug. 1992 U.S., Bahamas Hurricane Andrew 16 36
10 Jan. 17, 1994 U.S. Northridge Earthquake 15 33

(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 2025.
(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, 2024 (1)

 

Rank Date Country Event Deaths
1 Jul. 10-20 Italy, Greece Heatwave 1,900
2 Apr. 20 - May 5 Southeastern Asia Heatwave 1,571
3 Jun. 1-20 Saudi Arabia Pilgrimage Extreme Heat 1,300
4 Sep. 1-9 China, Southeast Asia Typhoon Yagi 816
5 Mar. 1 - Jun. 30 India Heatwave 733
6 Apr. 18 - Oct. 31 Arizona Maricopa Heatwave 657
7 Mar. 20 - Apr. 30 East Africa Seasonal Floods 576
8 Aug. 1 - Sep. 30 Chad Seasonal Floods 576
9 Jun. 20-30 Pakistan Heatwave 568
10 Jan. 1 Japan Noto Earthquake 489
All other events       ~8,900
Total       ~18,100

(1) Natural disasters that cause at least 10 deaths. As of January 2025.

~ =Approximately.

Source: Aon.

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Top 10 Deadliest World Natural Catastrophes, 1950-2024 (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 2025.

Source: Aon.

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Top 10 Costliest Global Tropical Cyclones by Insured Losses, 1900-2024 (1)

(2024 US$ billions)

        Insured loss
Rank Date Country/region Event Dollars when
occurred
In 2024
dollars (2)
1 Aug. 2005 U.S. Hurricane Katrina $65 $104
2 Sep. 2022 U.S., Cuba Hurricane Ian 54 57
3 Sep. 2017 U.S., Caribbean Hurricane Irma 33 43
4 Aug. 2021 U.S., Caribbean Hurricane Ida 36 42
5 Oct. 2012 U.S., Caribbean, Canada Hurricane Sandy 30 41
6 Aug. 2017 U.S. Hurricane Harvey 30 39
7 Sep. 2017 U.S., Caribbean Hurricane Maria 30 38
8 Aug. 1992 U.S., Caribbean Hurricane Andrew 16 36
9 Sep. 2008 U.S., Caribbean Hurricane Ike 18 27
10 Oct. 2024 U.S., Mexico Hurricane Milton 20 20

(1) Includes losses sustained by private insurers and government-sponsored programs. Subject to change as loss estimates are further developed. As of January 2025.
(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, 1900-2024 (1)

(2024 US$ billions)

        Insured loss
Rank Date Country/region Event Dollars when
occurred
In 2024
dollars (2)
1 Aug. 2020 U.S. Severe convective storm 
(includes Midwest Derecho)
$9.2 $11.0
2 Apr. 2011 U.S. 2011 Super Outbreak 7.6 11.0
3 May 2011 U.S. Joplin Tornado/Severe convective storm 7.0 9.8
4 May 2003 U.S. Severe convective storm 3.3 5.7
5 May 2024 U.S. Severe convective storm 5.2 5.2
6 Jul. 2013 Europe Storm Andreas 3.8 5.1
7 Mar. 2023 U.S. Severe convective storm 4.9 5.1
8 Mar. 2024 U.S. Severe convective storm 4.8 4.8
9 Mar.-Apr. 2023 U.S., Canada Tornado Outbreak 4.3 4.5
10 May 2019 U.S. Severe convective storm 3.7 4.5

(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 2025.
(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, 1900-2024 (1)

(2024 US$ billions)

        Insured loss
Rank Date Country Event Dollars when
occurred
In 2024
dollars (2)
1 Nov. 2018 U.S. Camp Fire $10.0 $13.0
2 Oct. 2017 U.S. Tubbs Fire 8.7 11.0
3 Nov. 2018 U.S. Woolsey Fire 4.2 5.3
4 Aug. 2023 U.S. Maui / Hawaii Fire 4.3 4.4
5 Oct. 1991 U.S. Oakland (Tunnel) Fire 1.7 3.9
6 Oct. 2017 U.S. Atlas Fire 3.0 3.8
7 May 2016 Canada Horse Creek Fire 2.9 3.7
8 Sep.-Oct. 2020 U.S. Glass Fire 3.0 3.6
9 Aug.-Sep. 2020 U.S. CZU Lightning Complex Fire 2.5 3.0
10 Dec. 2017 U.S. Thomas Fire 2.3 2.9

(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 2025.
(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