This annual report summarizes major catastrophe events around the globe and their implications for climate change, insurability and other socioeconomic factors leading to new emerging areas of risk.

In 2023, the estimated total economic costs of direct physical damage and net-loss business interruption from global natural perils was USD357 billion. The private insurance market and public insurance entities covered an estimated USD123 billion of that total. This marks the fourth consecutive year that nominal insured losses have topped USD100 billion, and the sixth year out of the last seven.

The severity and high-impact frequency of natural catastrophe events continues to rise, and those of us in the insurance industry face the responsibility of identifying the risks challenging not only the private sector, but also governmental entities and emergency managers, among others.

This report aims to fulfill part of that responsibility. With expertise and emerging research from Gallagher Re colleagues, as well as across the Gallagher family and the Gallagher Research Centre's academic partners, we contextualize the effects of natural catastrophe risk, climate change and an evolving regulatory environment on clients and other private and public sector stakeholders.

Readers of this report can expect to:

  • Explore global and regional catastrophe peril and loss drivers.
  • Learn which regions are facing changing loss patterns.
  • Identify the role of climate change and how it is influencing the decisions of the (re)insurance industry.
  • Better understand how global regulatory demands and climate disclosure requirements are evolving.

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