The first six months of 2023 featured above average natural catastrophe losses as both the National Oceanic and Atmospheric Administration (NOAA) and the World Meteorological Organization (WMO) declared the official arrival of El Niño. The severe convective storm (SCS) peril was highly dominant for the insurance industry, with the bulk of these losses occurring in the US. For all perils, the US accounted for 76% of global insured losses. Other parts of the world experienced significant natural hazard activity, detailed in the full report.
Readers of this report can expect to:
- Explore the influence of El Niño on weather and climate events
- Review major events and overall financial loss perspective through the first half of the year
- Better understand the state of the insurance market as the peak of tropical cyclone season approaches
