Economic losses in the Asia Pacific region soared to $65 billion due to natural disasters, mainly fueled by floods in China and droughts in India, as reported by insurance company Aon.
Of the total losses, only 9%, or $6 billion, were covered by insurance, falling short of the 21st-century average of $15 billion.
The report found that floods remained the most costly threat in Asia-Pacific for the fourth consecutive year, representing over 64% of total losses in 2023.
China suffered the heaviest losses in Asia-Pacific with $32.2 billion in flood-related losses, or over half of total losses in the region, the report said.
The South Asia floods in particular, resulted in nearly 2,900 deaths.
Persons:
Aon
Locations:
Asia, China, India, Pacific, Hong Kong, South Korea, Pakistan