The global economic cost of natural catastrophe events reached an estimated $357 billion in 2023, of which approximately 34%, or $123 billion was covered by re/insurance, as broker Gallagher Re reports an annual record of 34 individual billion-dollar insured loss events in the year.
The reinsurance broker’s 2023 Natural Catastrophe and Climate Report reveals that 2023 was the fourth consecutive year in which global insured losses from nat cats exceeded the $100 billion mark.
