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How To Ensure Employee Safety, Business Continuity As Crises Mount

Global natural disasters in 2022 resulted in near average economic losses totaling $313 billion. Half of those losses occurred in the United States and were driven by the devastating Hurricane Ian and multiple severe convective storm outbreaks. Three global drought events were among the 10 costliest disasters, which underlines the growing significance of the peril on a global scale. These occurred in the United States, Europe and China.

The insurance sector covered $132 billion — marking 2022 as the fifth costliest year for insurers on record. The industry also saw the second costliest event on record, as Hurricane Ian resulted in approximately $50- 55 billion of insured losses covered by public and private entities. It is only surpassed by Hurricane Katrina with $99 billion on a price-inflated basis. With a protection gap of 58 percent, most disaster losses were uninsured. While this is one of the lowest protection gaps on record (only matched by a similar percentage from 2005), the remaining gap presents both a challenge for the global resilience, as well as an opportunity to facilitate further protection.

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