Report shows only 38 percent of natural peril losses were covered by insurance, an improvement from last year
The report reveals a total of
"Clearly there is both a protection and innovation gap when it comes to climate risk," said
Other key findings from the report include:
- 401 notable disaster events were recorded in 2021, down from 416 in 2020
- There were 50 instances of billion-dollar economic loss events, the fourth highest year on record, with only 20 of the events reaching the billion-dollar insured threshold
- European floods in July were the costliest disaster on record for the continent at
$46 billion - Wildfires increased in prominence as conditions have become more conducive for rapid fire spread, with the term "fire season" becoming officially outdated as the risk of dangerous wildfires is prevalent during the full calendar year
Germany ,Belgium ,Austria , Luxembourg andChina recorded the costliest insurance industry events on record- 2021 was the world's sixth-warmest year on record with land and ocean temperatures at 0.84°C (1.51°F) above the 20th-century average
- The hottest temperature ever reliably measured on Earth was unofficially recorded in
Death Valley, California ,United States onJuly 9, 2021 at 54.4°C (130.0°F)
"Many global communities are exposed to increasingly volatile weather conditions that are in part enhanced by the growing effects of climate change. This includes record-setting episodes of extreme temperatures, rainfall and flooding, droughts and wildfires, rapidly intensifying tropical cyclones and late season severe convective storms," said
The top 10 global economic loss events in 2021 were as follows:
Date(s) | Event | Location | Deaths | Economic Loss | Insured Loss |
08/27 -09/02 | Hurricane Ida | 96 | 75.3 | 36.0 | |
07/12 – 07/18 | Flooding | Western & | 227 | 45.6 | 13.0 |
06/01 – 09/30 | Seasonal Floods | 545 | 30.0 | 2.1 | |
02/12 – 02/20 | Winter Weather (Freeze) | 235 | 25.0 | 15.0 | |
01/01 – 12/31 | Drought | - | 9.0 | 4.3 | |
02/13 – 02/13 | Fukushima Earthquake | 1 | 8.0 | 2.5 | |
04/05 – 04/08 | Winter Weather | Western & | - | 5.6 | 0.4 |
12/10 – 12/12 | Severe Weather | 93 | 5.1 | 4.0 | |
06/17 – 06/25 | Severe Weather | Western & | 7 | 4.9 | 3.5 |
01/01 – 12/31 | Drought | - | 4.3 | 0.1 | |
All other events | ~9,500 | ~130 billion | ~49 billion | ||
TOTALS | ~10,500 | 343 billion | 130 billion |
The full report and a short video are available on Aon's interactive microsite. Along with this report, readers can access current and historical natural catastrophe data and event analysis at catastropheinsight.aon.com.
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