Aon’s third-quarter natural catastrophe report puts preliminary Q1-Q3 insured losses at $US88 billion ($139.39 billion), with US storms contributing to nearly 70% of losses. 

Aon says the figure exceeds the 21st-century average of $US75 billion ($118.80 billion) and expects this year to surpass yearly average insured losses of $US89 billion ($140.98 billion).  

This year has already seen 32 different billion-dollar disasters, a record total, with severe convective storms in the US accounting for 21 individual events and eight out of the top 10 most expensive events. 

The costliest individual event remains the Turkey and Syria earthquakes, which amounted to $US5.9 billion ($9.35 billion) in insured losses, and nearly 60,000 deaths. The Hawaii wildfires in August caused $US3 billion ($4.75 billion) in insured losses and 97 deaths.  

Aon tallies overall Q1-Q3 economic losses at $US295 billion ($467.29 billion), with insurers covering about 29% of all losses, about the century average.  

This year is the deadliest from natural catastrophes since 2010, with more than 75,000 lives lost due to events. Storm Daniel, which impacted Libya, Turkey, Greece and Bulgaria, and earthquakes in Morocco accounted for the second and third deadliest events behind the Turkey quakes.  

"Global natural catastrophes killed many people and caused significant structural and economic damage during the first nine months of 2023,” Aon Catastrophe Insight Head Michal Lorinc said.  

“Wildfire and severe convective storm (SCS) were once again highly prominent, and Aon's research reveals that both are becoming increasingly costly to insurers, communities and governments. 

“In the US, around 80% of SCS loss growth can be explained by exposure change – highlighting the need for insurers to understand underlying exposures in their portfolios."