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Insured 2020 cat losses estimated at $97bn by Aon

January 25, 2021

Re/insurance broker Aon has estimated that catastrophe losses insured by the private sector or by government-sponsored programs totalled $97 billion over 2020.

Overall economic losses were estimated at $268 billion, caused by 416 catastrophe events, leaving a protection gap of 64%.

Aon’s Weather, Climate & Catastrophe Insight report for 2020 also shows that economic losses were 8% above the average annual losses for this century.

“The global response to the socioeconomic volatility caused by the COVID-19 pandemic has increased focus on other systemic risks – particularly climate change – and is causing a fundamental reordering of business priorities,” said Greg Case, CEO of Aon.

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