Authored by Sara Weathers
A recent Insurance Journal article stated that natural disasters in 2022 caused $313 billion in damages, with only $132 billion covered by insurance. 2022 comes in as the fifth most expensive year for insurers.
Around 42% of the damages were covered by insurance, which converts into a protection gap of 58%, currently the lowest gap on record.
2022 currently stands as the fifth most expensive year for insurers. Approximately $50 billion of the losses were from Hurricane Ian, which hit the United States in September 2022. The only hurricane that caused more economic damage was Hurricane Katrina.
There were 421 global natural disasters recorded in 2022, which is higher than the yearly average of 396 during the 21st century. If your business does not have property insurance, now is the time as the number of natural disasters a year will likely continue to rise.
Have questions about property insurance? AdvoCap Insurance is here to help.
Photo Credit: seventyfour74