The loss generating power of nature, alongside the socio-economic and geopolitical crises of recent years helped pushed property reinsurance rates to close to 20-year highs in the January 2023 renewals season.
Global economic losses from natural disasters mounted to USD 275 billion in 2022. At USD 125 billion, insured losses covered 45% of the damage, the fourth highest total for a single year on sigma records. Today, annual global insured losses of more than USD 100 billion from natural catastrophes are standard.
