Adapt Ready’s annual Event & Disaster report reveals the impact of man-made and natural catastrophes in 2023
19 December 2023 – Adapt Ready, the risk intelligence platform provider, has published a major new report analysing the impact of key man-made and natural catastrophes on businesses within the global supply chain and energy sectors in 2023. The report reveals that increased global connectivity is leading to wider and greater impact on risk and warns that insurers and risk managers should be prepared for this ‘new normal’.
The ‘Annual Event & Disaster Report’ gives an economic overview of all major global events in 2023 and their impact on these sectors, as well as in-depth case studies demonstrating the ripple effects of the ongoing Russia/Ukraine conflict, and four of the costliest natural catastrophes of this year; Hurricane Idalia, Canadian wildfires, Typhoon Doksuri, and the earthquake affecting Turkey and Syria.
The report reveals that the automotive, construction, energy and chemical sectors were hit hardest in 2023, but none more so than the infrastructure sector, which saw economic losses of over $151B USD. The majority of infrastructure losses were recorded in Ukraine, which saw over 27,000 km of roads damaged.
The risks presented by increasing global interconnectivity are laid bare in the report, one example being the production of rare metal palladium and semiconductor-grade nickel, both of which are essential for global electronics industries. Russia is the world’s largest producer of palladium and the second largest of semiconductor-grade nickel. The disruption in the supply of these two metals had already impacted the production of General Motors, Toyota and the Volkswagen group and this continued in 2023. It also had potential impact on the production of goods from Apple, Samsung and Sony.
The five disaster events all impacted local energy industries to some extent, the report details. The Turkey and Syria earthquake for example significantly impacted the region’s energy industry. The 7.8 magnitude quake destroyed two sections of gas transmission lines, whilst other infrastructure damage caused the shutdown of the Ceyham oil terminal in southern Turkey, which in turn affected crude oil exports from Iraq and Azerbaijan.
Adapt Ready CEO and Co-Founder Shruthi Rao said: “Our report clearly shows that greater global connectivity is leading to further reaching and more complex supply chains. In turn, this is leading to increased complexity when it comes to understanding and managing the potential risks they are exposed to. In an era of heightened geo-political uncertainty and evolving natural catastrophe risk due to climate change, insurers, brokers and corporate risk managers are facing a challenge to oversee and navigate this.”
“Adapt Ready is focused on not only providing deeper insight into global supply chain and energy sector risk but also helping corporate risk managers and their broker/insurer partners take steps to manage and mitigate this increasingly complex challenge.”
Notes to Editors:
Adapt Ready’s Event and Disaster Report 2023 can be found at
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