From 2018 to 2022, actual insured losses from natural catastrophes topped $100 billion per year – a significant increase from the $70 billion annual average for the previous five years (2013 to 2017). While this is already a staggering figure, the 2023 Global Modeled Catastrophe Losses Report from Verisk advises the insurance industry to prepare for the possibility that some years may see much greater losses yet; with their calculations stating there is a 5% probability of experiencing global losses over $238 billion each year.
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