In total, Aon estimates that natural disaster cost the global economy around $93 billion in the first-half of 2021.
The economic loss tally is some 32 per cent lower than the previous decade ($136 billion), 16 per cent lower since 2000 ($110 billion), but 9 percent higher than the average of all years since 1980 ($85 billion).
All of these numbers remain preliminary, the broking group said. Aon’s data comes from a minimum of 163 natural disaster events that occurred in H1’21, which was below the 21st Century average (191) and median (197).
Interestingly and having ramifications for the insurance-linked securities (ILS) market (in particular collateralised reinsurance), given its focus, the number of disaster events were notably below the 21st Century average in all regions except the United States, Aon said.