APAC's insured only 5.4% of $74b disaster losses: Aon

APAC was also the second-largest region in terms of economic losses.

Natural disasters in 2024 led to economic losses of $74b in Asia-Pacific (APAC), and only 5.4% (or $4b) of this was insured, according to Aon’s 2025 Climate and Catastrophe Insight report.

APAC was also the second largest region in terms of economic losses, next to the US, which saw $218b.

Last year, the entire world registered $368b in economic losses and only 39.4% of this was covered but a slight improvement from the 31% in 2023.  

The most costly event was Hurricane Helene, which caused an estimated $75b in direct damages, primarily from inland and coastal flooding.

This marked the ninth consecutive year global losses exceeded $300b, 14% higher than the long-term average. 

Insurers incurred significant losses in 2024. Countries such as Spain, Brazil, the UAE, and Vietnam recorded their most expensive insurance events.

Natural disasters in 2024 resulted in approximately 18,100 fatalities, amongst the lowest in 30 years.

This decline reflects advancements in early warning systems, weather forecasting, and disaster preparedness. However, further improvements are needed, even in economically developed regions.  

For the first time, global temperatures in 2024 exceeded 1.5°C above pre-industrial levels. This contributed to heatwaves and record-breaking temperatures worldwide, amplifying the severity and frequency of natural disasters.