Global economic losses from natural disasters reach $120 billion in first half of 2023

Economic losses resulting from natural disasters worldwide amounted to approximately $120 billion in the first half of the year, according to estimates by Swiss Re, a reinsurance company.

This figure represents a slight decrease compared to the first half of 2022, when damages amounted to about $123 billion.

On the other hand, insurance companies' payouts for damages caused by natural disasters saw a slight increase to $50 billion this year, compared to $48 billion last year, as announced by the Swiss reinsurance company in a statement on Wednesday.

The costliest natural disaster was the earthquake that struck Turkey and Syria in February, resulting in severe economic losses of $34 billion, of which insurance companies bore around $5.3 billion.

However, the most significant burden on insurance companies came from severe storms, which cost them $35 billion, including $34 billion in the United States alone.

This amount constituted about 70 percent of the total payouts made by insurance companies.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AFP