Swiss Re estimates the economic cost of natural disasters [4] that occurred in the first half of 2023 at 120 billion USD. Almost half of this amount, or 50 billion USD, is covered by the insurance market.
The earthquake of 6 February 2023, which severely struck Turkey and Syria, is considered to be the costliest natural catastrophe for the world's economy. Global losses are estimated at 34 billion USD, 5.3 billion USD of which are insured.
Severe thunderstorms, heavy rainfall, tornadoes and hailstorms in the USA are regarded as the most costly claims for the sector, with insured losses amounting to 35 billion USD. These are the highest insured losses ever recorded over a six-month period.
According to Swiss Re, man-made disasters have generated economic and insured losses worth 5 billion USD and 4 billion USD respectively.