Natural catastrophes caused global economic losses of $313 billion in 2022, according to Aon.

Losses from natural catastrophes covered by the insurance sector amounted to $132 billion, 57% above the 21st-century average, it added, leaving a global ‘protection gap’ of 58%.

The number of catastrophic events such as floods and hurricanes also rose, with at least 421 individual events.

According to the report, 75% of the global insured losses occurred in the United States with Hurricane Ian, which hit Florida in September 2022, causing insured damages in a range between $50 and $55 billion from total economic losses of $95 billion, making it the second most expensive natural disaster the insurance sector has ever faced.

Aon estimated about 31,300 people died due to natural catastrophe events in 2022, of which about two thirds were linked to severe heatwaves in Europe between June and July.

In Australia, insured losses linked to floods hit a record high of $4 billion as a weather pattern associated with wet weather called La Niña extended its impacts into 2022 causing severe rainfall and flooding across the country.

Similarly, in Pakistan the monsoon season caused 175% above-average precipitation from July to September, according to Aon.