Two people sit outside destroyed buildings after the earthquake in Turkey in February 2023. The quake, which also affected Syria, caused estimated insured losses of $6.2 billion. Photo Abdulkadir/Adobe Stock
Natural catastrophes caused $108 billion in global insured losses in 2023 — making it the fourth consecutive year that global NAT CAT losses exceeded $100 billion, according to recent findings from the Swiss Re Institute.
Severe convective storms (SCS) accounted for a record $64 billion of these losses. The United States took the brunt of SCS damage with 85% of these losses originating there. However, Europe has experienced the fastest growth in SCS-related insured losses, exceeding $5 billion in damages in each of the last three years. Hailstones are the biggest contributor to SCS losses; causing 50-80% of this damage.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
