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What’s happening: Recent weather events have brought extreme flooding to many communities around the world, with flooding in Japan earlier this year and Hurricane Idalia in the United States last week. As a result, homeowners and businesses are increasingly considering how they’re protecting their homes and office buildings from these natural disasters.
- According to Aon’s 2023 Weather, Climate and Catastrophe Insight, due to significant loss development, Aon now estimates insured losses in 2022 were nearly $150 billion and were driven by Hurricane Ian, which caused catastrophic storm surge, damaging winds and flooding in Florida and Cuba, accounting for between $50 and $55 billion of the global insured loss.
- In 2022, secondary perils such as severe convective storms and flooding made up for most of the losses. Read more in Reinsurance News.
- Aon conducted a damage assessment on homes in the wake of Hurricane Ian and found that outdated construction can lead to catastrophic damage, however; Florida’s enhanced building code was successful in protecting homes. Read more in The Insurer.
- John Dickson, president and chief executive at Aon Edge, said, “Consumers everywhere are going to be faced with tougher choices with respect to limits that are available, the coverages they can purchase and deductibles.”
- Read additional insights on risk management and flooding in Forbes and from Aon on property risk coverage.