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86% of catastrophe and natural disaster losses in APAC uninsured in 2022: Aon

Insurance and reinsurance broker Aon’s recently published Weather, Climate and Catastrophe Report: Asia Pacific Insights, identifies global natural disaster and climate trends in the region, highlighting a large protection gap in the region.

The report reveals that natural disasters in the Asia Pacific (APAC) region in 2022 caused $80 billion in economic losses, of which only $11 billion was covered by insurance. This means that a significant $69 billion, or 86% of the total was not covered by re/insurance protection, highlighting just how large the protection gap (disparity between economic and insured losses post-event) is in the region.

According to Aon, 2022 was the fifth costliest year on record for insurers globally, with six of the top 10 events occurring in Asia Pacific.


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