Aon Confirms Huge Number Of Nat Cat Losses Not Insured

Aon has published its latest catastrophe report, which points to a gaping insurance hole for 2019.

According to the broking giant’s Weather, Climate & Catastrophe Insight: 2019 Annual Report released today, last year’s 409 natural catastrophe events equated to $232 billion in economic losses.

Of this figure, however, only $71 billion was covered by insurance — be it government-sponsored programmes or coverage from the private sector.

What this translates to is a whopping 69% global protection gap in 2019. A faint silver lining is the fact that the percentage of uninsured nat cat economic losses in the period, while significant, is the sixth-lowest since 2000.

Aon’s catastrophe report for the past year also identified the top disasters in terms of losses. “At $82 billion, the inland flood peril was the costliest of 2019, and its highest year since 2013,” noted Aon in its annual review.