Munich Re reports $250b loss from natural disasters in 2023

Earthquakes, hurricanes, floods, storms and other natural disasters caused damage totalling $250 billion worldwide in 2023 and claimed 74,000 lives, German insurance company Munich Re said on Tuesday in its annual natural catastrophe report, reported dpa.

The devastating series of earthquakes in Turkey and Syria in February claimed the most victims.

The number of fatalities was the highest since 2010, said Ernst Rauch, chief geoscientist at the DAX-listed company. "This was mainly due to the earthquake in Turkey, which claimed 58,000 lives."

Munich Re has been documenting the worldwide destruction caused by natural catastrophes for decades, as this is important for calculating insurance premiums. The $250 billion in total economic losses correspond to the average of the past five years.

The longer-term trend is pointing upwards: Adjusted for inflation, total losses in the 10-year average for 2013 to 2022 amounted to $230 billion, while the average for the 30 years from 1993 to 2022 was $180 billion.