The Egyptian Insurance Federation said that the highest insured losses in the United States reached $80 billion in 2023, although a large portion of catastrophe losses remains uninsured even in this market, while the largest uninsured losses in 2023 were recorded in Turkey and China. Italy and Mexico saw about $15 billion in uncovered losses, followed by Brazil and Argentina with less than $10 billion.
The Egyptian Insurance Federation added in its weekly bulletin that the largest volume of uninsured losses results from natural disasters in China, where the value of uninsured losses amounts to $54 billion annually on average, while insured losses amounted to two billion dollars.
He pointed out that the largest loss in 2023 is due to the seasonal drought in the United States, where the total crop insurance payments exceeded $6.5 billion, and the series of earthquakes in Turkey and Syria came in second place, but the vast majority of major events were concentrated in North America and Europe, while recorded… New Zealand Two consecutive billion dollar events.
She showed that the most costly disasters from an insurance perspective were the drought in the United States, as well as the series of earthquakes that occurred in February 2023, which led to significant losses for public and private insurance companies in Turkey. It stated that the devastating wildfire that struck Hawaii in August 2023 led to insured losses of $3.5 billion, making it one of the 8 costliest wildfires ever.
She explained that many countries witnessed events that caused the most costly events ever, such as Slovenia, Morocco and Greece.