A report from global consultancy Aon has revealed that 409 “natural catastrophe events” in 2019 resulted in economic losses of $232 billion, of which insurance programs covered $71 billion. The “Weather, Climate & Catastrophe Insight: 2019 Annual Report” analyzes the impact of natural disasters around the world to “identify trends, manage volatility, and enhance resilience.”
The two costliest insurance events were Typhoon Hagibis and Typhoon Faxai. Both occurred in Japan and respectively caused $9 billion and $6 billion worth of damage. Inland flooding, meanwhile, was the costliest disaster overall, causing global economic losses of $82 billion. Tropical cyclones followed close behind, at $68 billion.
Similarly, the economic loss due to severe weather events and droughts during 2019 was $41 billion and $23 billion respectively.
The year 2019 was also the second warmest for land and oceans since 1851, with average temperature hovering over 0.95 degree Celsius — above the 20th century average.