Natural disasters cause $65bn loss in APAC in 2023; 91% loss uninsured: Aon

As per the report, 398 natural disaster events occurred globally in 2023, resulting in an economic loss of $380 billion in the year.

Natural catastrophes / disasters such as earthquakes, storms, floods, tropical cyclones and droughts caused an economic loss amounting to $65 billion in 2023 in the Asia Pacific (APAC) region, said a recent note by Aon – a leading global consulting firm headquartered in London that offers a range of risk-mitigation products.

“Economic losses in the Asia Pacific region specifically, driven primarily by floods in China and drought in India, reached $65 billion – 48 per cent lower than the 21st-century average. Meanwhile, the 'protection gap' – the proportion of total losses that were uninsured – for Asia Pacific stood at