The report found that floods remained the most costly threat for the fourth consecutive year, representing over 64% of total losses in 2023.
Economic losses in the Asia Pacific region due to natural disasters soared to $65 billion in 2023, according to an Aon report.
The report found that floods remained the most costly threat in Asia-Pacific for the fourth consecutive year, representing over 64% of total losses in 2023.Of the total losses, only 9%, or $6 billion, were covered by insurance, falling short of the 21st-century average of $15 billion. Hong Kong, South Korea, India and Pakistan also experienced significant flooding and record rainfall events throughout the year. The South Asia floods in particular, resulted in nearly 2,900 deaths. Aon noted that flood-related losses have totaled more than $30 billion every year since 2010.The report also highlighted rising temperatures and unforeseen heatwaves, particularly drought conditions in China and India.
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