Climate-influenced weather was key driver of $268B in global damage in 2020
The Climate & Catastrophe Insight: 2020 Annual Report from global professional services firm Aon plc, evaluates the impact of global natural disaster events to identify trends, manage volatility and enhance resilience.
The report revealed that the 416 natural catastrophe events of 2020 resulted in economic losses of USD $268 billion – 8% above the average annual losses for this century – as costs continue to rise due to a changing climate, more people moving into hazard-prone areas and an increase in global wealth. Of this total, private sector and government-sponsored insurance programs covered USD $97 billion, creating a protection gap of 64%, which is the portion of economic losses not covered by insurance.