In recent years, tropical cyclones and severe weather caused the highest insured losses in the United States. In 2021, insured losses due to tropical cyclones amounted to almost 40 billion U.S. dollars, while losses due to severe weather amounted to approximately 26.7 billion U.S. dollars.
Hurricanes in the U.S.
The term “tropical cyclone” is a meteorological term which refers to both hurricanes and typhoons. As of 2021, the most expensive natural disaster to have occurred in the U.S. was Hurricane Katrina, which occurred in 2005 and resulted in costs amounting to over 120 billion U.S. dollars at the time. Hurricane Ida was the latest hurricane to occur in the United States, and cost around 75 billion U.S. dollars. Hurricane Katrina also caused insured property losses worth over 85 billion U.S. dollars in 2005.
Natural disasters globally
Natural disasters are defined as events which are caused by naturally occurring phenomena that result in catastrophe. The global insured losses caused by natural disasters over time has been considerable, with costs amounting to almost 80 billion U.S. dollars as of 2020. In 2021, the global estimate of insured loss stood at well over 100 billion U.S. dollars. At the same time, the estimated economic losses incurred as a result of natural disasters worldwide amounted to almost 350 billion U.S. dollars.
Value of insured losses in the United States from 2011 to 2022, by natural disaster type
(in billion U.S. dollars)
Characteristic
Severe weather
Tropical cyclone
Wildfire
Winter weather
Drought
Flooding
Earthquake
Other
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Aon. (February 8, 2022). Value of insured losses in the United States from 2011 to 2022, by natural disaster type (in billion U.S. dollars) [Graph]. In Statista. Retrieved June 18, 2024, from https://www.statista.com/statistics/612615/value-of-insured-losses-usa-by-natural-disaster-type/
Aon. "Value of insured losses in the United States from 2011 to 2022, by natural disaster type (in billion U.S. dollars)." Chart. February 8, 2022. Statista. Accessed June 18, 2024. https://www.statista.com/statistics/612615/value-of-insured-losses-usa-by-natural-disaster-type/
Aon. (2022). Value of insured losses in the United States from 2011 to 2022, by natural disaster type (in billion U.S. dollars). Statista. Statista Inc.. Accessed: June 18, 2024. https://www.statista.com/statistics/612615/value-of-insured-losses-usa-by-natural-disaster-type/
Aon. "Value of Insured Losses in The United States from 2011 to 2022, by Natural Disaster Type (in Billion U.S. Dollars)." Statista, Statista Inc., 8 Feb 2022, https://www.statista.com/statistics/612615/value-of-insured-losses-usa-by-natural-disaster-type/
Aon, Value of insured losses in the United States from 2011 to 2022, by natural disaster type (in billion U.S. dollars) Statista, https://www.statista.com/statistics/612615/value-of-insured-losses-usa-by-natural-disaster-type/ (last visited June 18, 2024)
Value of insured losses in the United States from 2011 to 2022, by natural disaster type (in billion U.S. dollars) [Graph], Aon, February 8, 2022. [Online]. Available: https://www.statista.com/statistics/612615/value-of-insured-losses-usa-by-natural-disaster-type/