Insured Catastrophe Losses in Canada Surge to C$8.5 bn, Tripling in 2024
Insured catastrophe losses in Canada reached a record C$8.5 bn in 2024, nearly tripling the prior year’s total and standing 12 times higher than the annual average
Industry Insured Losses reviews focuses on documenting and analyzing financial losses covered by insurance within various sectors. This category examines the monetary impact of events such as natural disasters, accidents, and other risks that trigger insurance claims.
It provides insights into how much insurance companies have paid out in response to these events, highlighting trends and patterns in insured losses across industries.
By evaluating these figures, the category helps stakeholders understand the financial implications of risk events and assess the performance and stability of the insurance sector. This analysis is crucial for insurers, policymakers, and industry professionals as it influences risk management strategies, insurance pricing, and regulatory decisions.
Insured catastrophe losses in Canada reached a record C$8.5 bn in 2024, nearly tripling the prior year’s total and standing 12 times higher than the annual average
In the US, two major hurricanes and frequent severe thunderstorms accounted for at least two-thirds of the year’s global insured losses, which currently exceed $135 bn
Economic losses from natural catastrophes in the EU are rising due to increased economic exposure and the growing severity of climate-related disasters
The 2024 Atlantic hurricane season ended on November 30, marking a year of above-average storm activity and substantial insured losses in the U.S.
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
1H 2024 saw multiple notable natural catastrophe events, which drove total year-to-date economic losses above at least $117 bn
Severe convective storm (SCS) losses in the US continued to dominate global insured losses in 2024, following a highly active period for the peril
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
A series of widespread thunderstorms (severe convective storms) hit the US and account for 68% of global insured natural catastrophe losses
2024 is a continuation of the recent run of years with high losses from natural disaster. While the overall losses of $120bn in 2023 were lower than those in 2022
Insured losses from hurricanes have risen over the past 15 years as hurricane activity has intensified
When considering weather-related catastrophes, few perils have generated as many column inches in recent months as severe convective storms (SCS)
Insured losses from major natural catastrophes in the second quarter of 2023 are estimated to be less than $10 bn, in H1 totaled $23 bn
Q1 2023 severe weather insured losses should come in at a range of $7 bn to $9.5 bn of insured severe thunderstorm storm losses from hail
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, the fourth highest one-year total
Natural disasters resulted in global economic losses of USD 275 billion, of which USD 125 billion were covered by insurance
The war in Ukraine has brought devastating humanitarian consequences first and foremost, but also unexpected losses and economic shocks
2022 is the second consecutive year in which the estimated insured losses total more than USD 100 billion
Insurers in Florida are currently barred from non-renewing or canceling policies, under an emergency order issued by the state’s Insurance Commissioner