The effects of climate change are also leaving their mark on the insurance industry. Projections point to natural disaster-related damage claims exceeding US$100 billion for the third consecutive year in 2023.

Reinsurer Swiss Re estimates that costs arising from natural disaster-related events exceeded US$50 billion in the first half of the year. More than two-thirds of this total corresponds to costs arising from damage caused by severe storms in the United States.. While this reflects the intensity of weather events in the U.S. giant, it also shows an economy with a more established insurance culture. In contrast, this year's largest natural event, the earthquake in Turkey and Syria, caused an estimated US$40 billion in damage, of which only US$5 billion was insured.

Costs to insurers related to natural disasters totaled $125 billion in 2022, compared to an average of $81 billion over the past 10 years and $110 billion over the past five.

These increases have not necessarily been bad news for insurers. According to Bloomberg, Swiss Re's net income in the first half of 2023 increased, thanks to higher demand for insurance and an increase in premium prices.