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Aon finds climate-influenced weather is key driver of $268B global damage from 2020 natural disasters with 64% uninsured

"When Natural Disasters and a Pandemic Collide" global annual report explores "connected extremes"CHICAGO, Jan. 25, 2021 /PRNewswire/ --A Aon plcA (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, today launches its global Weather, Climate & Catastrophe Insight: 2020 Annual Report. The report evaluates the impact of global natural disaster events to identify trends, manage volatility and enhance resilience. A The report reveals that the 416 natural catastropheA events of 2020 resulted in economic losses of USD268 billion a?? 8% above the average annual losses for this century a?? as costs continue to rise due to a changing climate, more people moving into hazard-prone areas and an increase in global wealth. Of this total, private sector and government-sponsored insurance programs covered USD97 billion, creating a protection gap of 64%, which is the portion of economic losses not covered by insurance. This highlights the importance of addressing the underserved by ensuring that there is increased access to affordable insurance products in the future."The global response to the socioeconomic volatility caused by the COVID-19 pandemic has increased focus on other systemic risks a?? particularly climate change a?? and is causing a fundamental reordering of business priorities. This report highlights the increasing likelihood of 'connected extremes' and reinforces that leading organizations of the future will be defined by their ability to manage the global implications of concurrent catastrophic events," said Greg Case, CEO of Aon. "In a highly volatile world, risk remains ever present, is more connected and, as a result, is also more severe a?? and 2020 has underscored this reality. It has also emphasized the need for enhanced collaboration between the public and private sectors, which will be essential to close the rising protection gap and build resilience against natural catastrophes."During the year, more than 8,000 people lost their lives due to natural catastrophes. Tropical cyclone was the costliest peril, causing more than USD78 billion in direct economic damage. It was closely followed by flooding (USD76 billion) and severe convective storm (USD63 billion). From a climate perspective, NOAA cited 2020 as the world's second-warmest since 1880 for land and ocean temperatures at +0.98A°C (+1.76A°F) above the 20th-century average.
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