Asia Pacific and Africa: Small fraction of disaster losses in 2023 are insured
Source: Asia Insurance Review | Feb 2024
Losses from natural disasters in the Asia-Pacific and Africa region totalled $64bn in 2023, slightly lower than the $66bn seen in the previous year, said Munich Re. Approximately $8bn of the $64bn was insured (2022: $11bn).
Japan was largely spared major damage in 2023. While typhoon Doksuri was the year’s costliest disaster in terms of overall losses, two major catastrophes in New Zealand together accounted for the highest insured losses in Asia Pacific (around $4bn). In early February, there were floods in and around Auckland, causing insured losses of nearly $2bn and overall losses of $2.9bn. In mid-February, cyclone Gabrielle hit New Zealand’s North Island and Norfolk Island, resulting in huge damage. Losses from the cyclone were at a similar level to those from the floods.
In the northeast of Australia, severe flooding occurred in mid-December as a result of tropical storm Jasper in the state of Queensland. According to media reports, there was more than 800mm of rain in one day. Numerous rivers burst their banks. It is still too early to reliably quantify the damage. A