2024 insured losses exceed decade average at $108b

Total economic losses for the first three quarters reached ~$280b.

In the first nine months of 2024, global natural catastrophe activity resulted in an estimated $280b in economic losses, below the 10-year average of $309b, according to Gallagher Re.

These figures exclude the impact of Hurricane Milton, which hit Florida in early October.

Whilst the Atlantic hurricane season has been less active than forecasted, it has already produced five US hurricane landfalls. 

Conditions are expected to remain favorable for storms through November, according to Colorado State University.

Through the third quarter, global insured losses reached $108b, slightly above the decade average of $102b. 

This includes at least 28 individual billion-dollar insured loss events, with 19 resulting in multi-billion-dollar losses, the highest ever recorded. The US accounted for 71% of these insured losses, totalling more than $77b.

Total economic losses for the first three quarters of 2024 have been estimated at $280b, falling below the decadal average of $309b. 

These losses were largely driven by at least 13 events that each resulted in losses exceeding $5b, with five of these surpassing $10b. 

The most significant events included Hurricane Helene in the United States, seasonal floods in China, Storm Boris (Anett) in central Europe, and Typhoon Yagi in Asia.

Asia experienced 11 such events, Latin America and the Rest of North America each had 4, Europe recorded 2, and the Middle East had 1. Of the 51 events, 49 were related to weather and climate, exceeding the decadal average of 42.