Economic losses in the Asia Pacific region due to natural disasters soared to $65 billion in 2023, according to an Aon report. Of the total losses, only 9%, or $6 billion, were covered by insurance, falling short of the 21st-century average of $15 billion. The report found that floods remained the most costly threat in Asia-Pacific for the fourth consecutive year, representing over 64% of total losses in 2023.
Economic losses in the Asia Pacific region soared to $65 billion due to natural disasters, mainly fueled by floods in China and droughts in India, as reported by insurance company Aon.Of the total losses, only 9%, or $6 billion, were covered by insurance, falling short of the 21st-century average of $15 billion. The report found that floods remained the most costly threat in Asia-Pacific for the fourth consecutive year, representing over 64% of total losses in 2023. Annual flood losses have exceeded $30 billion since 201