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sigma 1/2024: Natural catastrophes in 2023 [1]

['Multiple Authors', 'Chandan Banerjee', 'Lucia Bevere', 'Hendre Garbers', 'Balz Grollimund', 'Roman Lechner', 'Andreas Weigel', 'Jerome Jean Haegeli', 'Swiss Re Group Chief Economist']

Date: 2024-01-20

Within the category of "medium-severity events" are severe convective storms (SCS). After tropical cyclones, SCS have collectively become the second largest-loss making peril. In 2023, SCS-insured losses were USD 64 billion, a new high. Most of the losses (85%) last year originated in the US, but losses are currently growing fastest in Europe, where they have topped USD 5 billion in each of the last three years, with hail storms the main driver.

Separating out the different contributors to SCS losses in the US over the last 15 years, and after adjusting for inflation, we find that most of the growth in losses has been driven by economic growth-related factors. Cost increases in the construction sector are another factor driving losses, as are climate change effects, although there are many uncertainties around the latter, and impacts will vary by peril and across regions.

Annual increase of insured loss from SCS in the US, 2008–2023 (dark blue), by driver (lighter blue)

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[1] Url: https://www.swissre.com/institute/research/sigma-research/sigma-2024-01.html

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