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ARTICLE · 07 AUGUST 2023

Natural Catastrophe Insurance Coverage In Asia: An Overview

Matson Driscoll & Damico
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In 2021, Asia was the most severely impacted region, experiencing 40.00% of all disaster events, 49.00% of total deaths, 66.00% of the total number of people affected and 18.90% of all natural catastrophe economic losses worldwide.

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Sarah Chick
Sarah Chick
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Natural Catastrophes in Asia

In 2021, Asia was the most severely impacted region, experiencing 40.00% of all disaster events, 49.00% of total deaths, 66.00% of the total number of people affected and 18.90% of all natural catastrophe economic losses worldwide1. In 2022, Asia experienced some of the most destructive disasters, comprising 21.80% of global economic losses caused by natural catastrophes2.

The top regional causes of disasters in terms of economic losses sustained are floods, earthquakes, and droughts.

Globally, flooding has been the most common natural disaster since 1990 and represents 42.00% of all recorded natural disasters3. Within 2021 and 2022 alone, 5 major flooding incidents occurring in China, India and Pakistan collectively caused USD 43.8 billion in economic losses. Flooding has also historically been a leading cause of economic loss in the region, with the 2011 Thai Floods causing economic losses comprising 10.87% of Thai GDP in 20114.

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