The cumulative damage to the global economy from natural disasters last year amounted to about $250 billion, which is the same as in 2022, according to preliminary data from Germany’s Munich Re, the world’s largest reinsurance company. Meanwhile, insured losses in 2023 fell to $95 billion from $125 billion a year earlier. The average for the past five years is $105 billion and for the ten years is $90 billion.
More than 74,000 natural disasters were recorded last year, compared with the five-year average of 10,000. Earthquakes in Turkey and Syria were the most significant humanitarian catastrophe of the year.
Thunderstorms in North America and Europe in 2023 have never been more devastating, the annual report said. In North America, about $66 billion worth of property was destroyed (of which $50 billion was insured), while in Europe the amount totaled €9.1 billion (€7.3 billion).
In general, the damage from natural disasters in Europe last year is estimated at 77 billion euros, the bulk of which came from earthquakes in Turkey. In North America, the total losses amounted to about $100 billion, in Asia-Pacific and Africa – $64 billion.
