Less than half of APAC’s natural disasters were insured in the first semester 2023: Munich Re

Calamities that occurred during the period reaped losses worth $7b.

The Asia-Pacific region’s natural disasters led to total losses of about $7b in the January to June period, with roughly only $3b covered by insurance, Munich Re reported.

New Zealand experienced significant losses from flooding caused by heavy rainfall and Cyclone Gabrielle's landfall. 

Approximately $4.3b worth of assets were destroyed, with around $2.9b covered by insurance.

China and Southeast Asia faced recurring heat waves between March and June, breaking local and seasonal records. 

Tianjin, a city with over 10 million residents, recorded a record-high temperature of 41.4ºC. The months from February to June were the fourth warmest on record for Asia, including June alone.

Cyclone Freddy had devastating impacts on lives in Mozambique and other southeastern African countries.

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It likely set a record as the longest-lasting tropical cyclone ever recorded, forming in early February north of Australia and traversing the entire Indian Ocean. 

After hitting Madagascar, it moved between Madagascar and Mozambique. The cyclone struck Mozambique again, resulting in around 860 fatalities. Overall losses in Mozambique and nearby nations totalled approximately US$1.5 billion. 

However, due to low insurance coverage in low-income countries, only a negligible portion of these losses were insured.

Globally, losses reached $110b. This was, however, smaller than the $120b in 2022.

Coincidentally, only $43b was insured in the first semester whilst $47b was insured in the same period last year.