Asia bears $17b of Q1 natural disaster economic loss

Less than half of the global economic losses were insured during Q1’24.

The world accumulated $43b in economic losses from natural perils, of which only less than half or $20b were insured in the first quarter of 2024. However, this was 17% lower than the 10-year average of $52b for the quarter.

Asia accounted for a quarter of the total economic losses from natural disasters or an equivalent of ~$17b, according to the latest "Q1 2024 Gallagher Re Natural Catastrophe and Climate Report."

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Gallagher Re mentioned the magnitude 7.5 earthquake in Japan’s Noto Peninsula on 1 January already saw a $12b direct economic loss.

Gallagher Re said it was worth noting that the losses incurred in the quarter often show robust loss development throughout the year. 

Moving toward the next few quarters, Gallagher Re cautioned that a close eye will be kept on the transition of El Niño to La Niña conditions in the central and eastern Pacific Ocean.