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In the news: A severe heatwave has swept across most of Asia, causing deaths and school closures in India and record-breaking temperatures in China. Meanwhile, Cyclone Ilsa just broke an Australian wind speed record. In the U.S., Florida residents are reeling from extreme flooding after last week’s historic rainfall.

Aon offers data, insights and solutions to help inform better decisions on the risks associated with severe weather events:

• Aon’s 2023 Weather, Climate and Catastrophe Insight, which provides data and analytics to help identify natural disaster trends and make better decisions to manage volatility and enhance global resilience, shows that the deadliest natural disaster of 2022 based on direct and indirect deaths was the heat wave that accompanied drought in Europe during the summer. Read more in Yale Climate Connections and learn about Aon’s initiatives to help clients tackle climate risk here.
  • Aon’s President Eric Andersen recently testified before the U.S. Senate Budget Committee to discuss the role insurance can play in mitigating climate risk: “Climate risk poses substantial challenges to insureds and insurers alike. While insurance is based on the principle of diversifying risk, in many cases insurance risk management becomes more challenging as events become more interconnected across lines of business, geographical regions and perils.” Learn more here.
• Additionally, Aon’s research shows that Hurricane Ian in the United States was the second-costliest natural catastrophe in history from an insurance perspective, with approximately $50-55 billion total insured losses.
  • In the wake of Hurricane Ian, Aon sent a team of engineers, meteorologists and hydrologists to the impacted area to better understand how to help homeowners, governments and insurers make better decisions in the future to create more resilient and safe buildings. Check out this article by Aon for seven ways to protect your home and watch this video, “Hurricane Ian: Personal Impact,” for insights from the Aon colleagues who visited the impacted areas.
• According to Aon’s Q1 2023 Reinsurance Market Dynamics, the Asia-Pacific region accounts for around 40 percent of global agriculture reinsurance premium, with India accounting for the majority share.
  • Aon estimates that the combined insured losses from the Auckland flooding and Cyclone Gabrielle, which occurred in the first quarter of 2023 in New Zealand, are close to $2 billion. Check out additional insights from Aon’s 1Q Global Catastrophe Recap report in Artemis.