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AON: Total Insured Losses in 2024 May Exceed the 21 Century Average

According to Aon’s Global disasters in the remaining months of the year are anticipated to
Natural Disasters Report, total push total insurance losses beyond the $125 billion recorded in
economic losses in the first nine 2023.
months of 2024 exceeded $258
billion. During the same period, “The insurance industry has a responsibility to enhance
insured losses are estimated to the resilience of economies against natural disasters”
reach at least $102 billion.
Commenting on the report’s findings, Aon Turkey Co-CEO
The results of Aon’s Global Selda Oknas Tanbay said, “Economic losses amounting to
Natural Disasters Report, $258 billion in the first nine months of 2024 once again
covering the first nine months of highlight the increasing complexity of natural disaster risk
2024, have been published. Aon, management. During such challenging times, the insurance
which serves clients in over 120 sector has significant responsibilities in enhancing the resilience
countries with its global expertise of individuals, institutions, and consequently, economies through
in risk and human capital issues effective risk management and swift actions. In this era of
and solutions tailored to local needs, prepared the report an intensifying global climate crisis, we at Aon aim to help
based on analytical data. According to the findings of the Aon our clients better prepare for such challenges with innovative
Global Natural Disasters Report, disasters in the third quarter insurance solutions and risk management strategies.”
of 2024—primarily the Atlantic hurricane, floods in Central
Europe and China, and severe storms in North America—pushed The top five global disasters causing the highest economic losses
the total economic losses of the year above $258 billion. The in the first nine months of 2024 are as follows:
average for the first nine months of the 21st century stands at
$276 billion.
Disaster Date Country Number of Economic
In the first nine months of 2024, 47 events caused losses Deaths Loss
(billion
exceeding $1 billion each: 32 in North America, 8 in Asia, 4 in dollars)
the EMEA region (Europe, Middle East, Africa), and 3 in South
America. By far the costliest disaster was Hurricane Helene, Hurricane Helene 25/09-28/09 USA, 227+ 55*
Mexico,
while Super Typhoon Yagi in September caused an estimated Cuba
$12.6 billion in damages in Southeast Asia. Another significant Noto Earthquake 01/01 Japan 299 17.9
costly event was the severe flooding in China.
Floods in South and 09/06-14/07 China 315 15.6
Central China
Total insurance losses for this year are expected to ex-
ceed $125 billion Super Typhoon Yagi 01/09-09/09 Southeast 829 12.6
Asia
Global insurance losses from natural disasters in the first nine Severe Storms 15/01-21/01 USA 6 7
months of 2024 are projected to reach $102 billion, significantly
surpassing the 21st-century average of $79 billion. In addition *The initial figures are still being assessed as damage assessment work
to the final damages caused by Hurricane Milton, potential continues.

The transfer process of Generali Sigorta to Arex Sigorta has officially been
completed

Arex Sigorta, one of the youngest B.V. Following the approvals from
companies in the sector, has officially the Competition Authority and the
acquired Generali Sigorta, Turkey’s SEDDK (Insurance and Private Pension
oldest insurance company. Arex Group Regulation and Supervision Authority),
announced that the process of acquiring the share transfers were completed on
the shares of Generali Türkiye Sigorta December 19, 2024, and the company
A.Ş. has been completed, and as of management was officially handed over operations as independent entities in
December 19, the share and management during the General Assembly held on the terms of management and capital, each
transfer procedures have been finalized. same date. Following the acquisition by specializing in their respective areas. It
On September 17, 2024, Arex Sigorta Arex and Kiler Group, Generali Sigorta, has been revealed that Generali Sigorta
and Arex Yatırım Holding signed a Turkey’s most established insurance will continue with a new title, a new
Share Transfer Agreement with Kiler company, has become fully locally owned. brand, and a fresh vision built upon
Holding AŞ and Ekol Girişim Sermayesi According to information received from the knowledge accumulated from the
AŞ to purchase the shares of Generali Arex Sigorta, the two companies will past. The new brand and vision will be
Sigorta from Generali Türkiye Holding not be merged. They plan to continue announced soon.