Catastrophe Losses Are Way Up In 2023

In the first quarter of 2023, damages as a result of natural disasters are higher than they’ve been in more than a decade at about $77 billion worldwide.

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Given that public and private insurers were able to compensate for about $22 million of those damages, however, there’s a greater than 50% gap in coverage between damages and payouts.

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The degree of natural disaster damage already experienced this year can be blamed in part by the transition from La Nina to El Nino as well as the fourth hottest recorded land and ocean temperatures through the first quarter of 2023 since 1850.

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