Q3 2024 Global Catastrophe Report: Top 5 Costliest Economic & Insured Loss Events
Q3 2024 saw a number of significant disaster events, which drove total economic losses from natural catastrophes above at least $258 bn
Q3 2024 saw a number of significant disaster events, which drove total economic losses from natural catastrophes above at least $258 bn
Economic and insured losses from Hurricane Milton remain uncertain, Milton is the second major storm to hit the U.S. within two weeks, following Hurricane Helene
Hurricane Milton is anticipated to be one of the most powerful and economically detrimental hurricanes to make landfall in the western region of Florida
The 2024 Atlantic hurricane season officially began and has already been active. Business owners found that 91% identified specific weather or natural hazards as risk
Insured losses from Hurricane Berylcould have surged if the Category 1 hurricane had struck a densely populated Texas city like Corpus Christi or Galveston
Natural catastrophes will once again break several insured loss records in 2023. A high number of low-to-medium-severity events will aggregate to insured losses
The extreme event solutions business unit of Verisk estimates industry insured losses due to wind from Winter Storm Ciarán will range between EUR 800 mn and EUR 1.3 bn
2023-2024 saw multiple significant disaster events, which drove total economic losses above $295 bn, approaching the 21st-century average of $310 bn
The U.S. is experiencing its costliest year ever in 2023 for severe convective storms, with insured losses from these events exceeding $50 bn
A series of widespread thunderstorms (severe convective storms) hit the US and account for 68% of global insured natural catastrophe losses
Insured losses from hurricanes have risen over the past 15 years as hurricane activity has intensified
Aon’s work with Columbia University has revealed that under selected scenarios, U.S. hurricane losses would increase by at least 10% over 20 years
Florida Hurricane Catastrophe Fund plays a vital role in Florida’s property-insurance system as it provides relatively low-cost reinsurance
The natural disasters demonstrate that economic factors, in the last two years augmented by inflation, are the main driver of elevated insured losses from natural catastrophes
Natural disasters resulted in global economic losses of USD 275 billion, of which USD 125 billion were covered by insurance
ILS plays a key role in allowing catastrophe risk to be transferred from the commercial insurance market to investors, providing additional (re)insurance capacity
Insurers in Florida are currently barred from non-renewing or canceling policies, under an emergency order issued by the state’s Insurance Commissioner
The nationwide homeowners insurance giants in the U.S. have some of the highest level of catastrophe exposure to hurricane Ian, which is currently forecast to reach Florida
Because of significant exposure growth, the impact of social inflation, and climate change complications, Florida’s insurance market could struggle to respond to a repeat of a Category 5 hurricane