Reports from Aon and Gallagher Re have placed global insured losses from natural catastrophes for the first half of the year in the region of $US52 billion ($77.2 billion) to $US53 billion ($78.7 billion). 

Gallagher Re attributes severe convective storms in the US and the devastating earthquakes in Turkey and Syria as leading causes for insured losses, with the $US52 billion figure marking an 18% higher loss than the decade average.   

The storms resulted in $US34 billion ($50.5 billion) in insured losses, while the quakes and thunderstorms in Germany and France also racked up billion-dollar costs. 

Gallagher Re Chief Science Officer Steve Bowen warns of “severe impacts” from the upcoming El Nino weather system, with Australia expected to be hit by warmer and drier conditions in the coming months.  

“The arrival of El Nino brings the potential for even more global disruption and impacts from weather and climate events through at least the rest of the year,” Mr Bowen said.  

“While El Nino historically causes the globe to become warmer and leads to more volatile weather patterns, the ongoing influence from climate change will only amplify associated impacts to life and property.”  

Aon puts insured losses at $US53 billion ($78.7 billion), the fourth highest on record, with storms in the US, the Turkey earthquakes, NZ’s Cyclone Gabrielle and Auckland’s floods, and wildfires in Canada highlighted as leading loss events.  

The report set global economic losses from catastrophic natural disasters at $US194 billion ($288 billion), above Gallagher Re’s total of $US132 billion ($195.9 billion), with the earthquakes in Turkey and Syria amounting to almost half of the total with a $US91 billion ($135.1 billion) economic cost recorded. The resulting costs from the quake saw economic losses from Europe, the Middle East, and Africa region soar past record loss figures to $US110 billion ($163.3 billion).  

Aon Head of Catastrophe Insight Michal Lorinc says this year’s observed disasters continue to showcase the importance of regulation and enforcement of building codes to prevent material and human loss.   

“These devastating events reinforce the importance of resilience and the mitigation of risk – such as enforcing building codes, which was highlighted by the Turkey and Syria earthquakes,”  

“As we continue to face interconnected risks, we are focused on scaling risk mitigation and helping organisations make better decisions to close the global protection gap and enrich lives around the world.”