Economic losses in the Asia Pacific region due to natural disasters soared to $65 billion in 2023, according to an Aon report.
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.Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weeklyOf the total losses, only 9%, or $6 billion, were covered by insurance, falling short of the 21st-century average of $15 billion.
China suffered the heaviest losses in Asia-Pacific with $32.2 billion in flood-related losses, or over half of total losses in the region, the report said. "With climate driving new extreme weather records, businesses increasingly need to quantify and address the direct and indirect impact of climate risk," said George Attard, CEO of Reinsurance Solutions for Aon's Asia Pacific region.
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