H1 2024 Global Natural Catastrophe Statistics: Economic & Insurance Losses
1H 2024 saw multiple notable natural catastrophe events, which drove total year-to-date economic losses above at least $117 bn
Insured losses
What is ‘loss’ in insurance? Insured loss is the financial damage one suffers due to an insurable event. Under the terms of a policy, the insured needs to incur a loss in order for them to have a claim for damages. This could mean a property loss, such as damage as a result of a fire that burned down a house.
A loss in insurance terms is a reduction in asset or property value or damage of said assets or property due to an accident, natural disaster, man-made disaster, or other risks. Losses fall into one of two categories in terms of property insurance: direct loss or indirect loss.
When the holder of an insurance policy experiences a sudden and unexpected event that costs them money, it’s called a loss. Following a loss, the policyholder can ask their insurance company to pay them for what they’ve lost. This request is called a claim.
The insured property loss resulting from the crash of hijacked airplanes into World Trade Center and Pentagon, which is generally referred to as 9/11, amounted to 26.22 bn U.S. dollars.
In this section, we have collected the most current articles and reviews on the topic of the Insured losses.
US Severe Convective Storm: Costliest Insured Loss in 2024
Severe convective storm (SCS) losses in the US continued to dominate global insured losses in 2024, following a highly active period for the peril
NatCat Insured & Economic Losses Increases Due to Climate Change
Climate change will have a larger impact on economic losses in the future, according to Swiss Re Institute. A new analysis of 36 countries ranks
Insured Losses from Noto Peninsula Earthquake in Japan Forcasts
Insured losses from the 7.6 magnitude earthquake that struck the Ishikawa prefecture on the Noto Peninsula, Japan, on 1 January 2024 are likely to be small
Natural Catastrophes Will Break Several Insured Losses Records
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
Insured Losses from Winter Storm Ciarán Forecast
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
Global Natural Catastrophes: Fatality, Economic & Insured Loss
2023-2024 saw multiple significant disaster events, which drove total economic losses above $295 bn, approaching the 21st-century average of $310 bn
Natural Disaster Trends. Top 10 Costliest Economic & Insured Loss Events
Most natural disaster databases show a significant decline in the number of annual global events prior to 1980. While the biggest natural catastrophe events are typically captured
Severe Thunderstorms the Main Driver for Insured NatCat losses
A series of widespread thunderstorms (severe convective storms) hit the US and account for 68% of global insured natural catastrophe losses
Global Natural Disasters Figures: $100 bn Insured 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
U.S. Insured Losses from Hurricanes Have Risen over the 15 Years
Insured losses from hurricanes have risen over the past 15 years as hurricane activity has intensified
Main Factors of the Increase in Insurance Losses from Natural Disasters
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 H1 2023 Estimated $23 bn
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
US Severe Weather Insured Losses in Q1 2023 Ranges of $7 bn to $9.5 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
Natural Catastrophes Drivers. 6 Main Lessons for Insurance Industry
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
Global Insured Losses from Natural Catastrophes Perspective
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
Global Insured & Economic Losses from Natural Catastrophes Outlook
Natural disasters resulted in global economic losses of USD 275 billion, of which USD 125 billion were covered by insurance
Natural & Man-Made Catastrophe Loss Outlook: Insurance Covered only 43%
Natural and man-made disasters resulted in global economic losses of $280 bn. Insurance covered $119 bn economic losses
(Re)Insured Losses for Ukraine War & Ultimate Industry Loss Outlook
The war in Ukraine has brought devastating humanitarian consequences first and foremost, but also unexpected losses and economic shocks
Hurricane Ian Drives Natural Catastrophe Insured Losses to $115 bn
2022 is the second consecutive year in which the estimated insured losses total more than USD 100 billion
Parametric Catastrophe Bonds and Alternate Risk Transfer Mechanisms for China’s Market
Even as countries across the globe grapple with climate change, alternate risk transfer mechanisms like parametric solutions are emerging as the best option
5 Largest Natural Catastrophes. Weather-related Events Drove $130 bn Losses
Weather-related Events drove economic losses of $65 bn, which is down on last year’s $105 bn, with insured losses staying roughly the same at approximately $34 bn
2022-2024: A Period Marked by Significant Natural Catastrophe Losses
In the 2022-2023 were highly active in many territories around the world. Natural hazard events occurred in Europe, Australia and USA
Global Reinsurance Sector Outlook
Beyond the broader measures affecting the macro dynamics of most markets, Reinsurance Market Outlook report covers several factors impacting
Marine mutual insurers and P&I Clubs are planning rate hikes for 2025, driven by rising claims and inflation pressures. Marine mutuals are under growing pressure
Hurricane Helene’s recent destruction underscores the rising flood risk impacting local economies and tax bases in the Eastern and Southern United States
Changes to reinsurance-related capital requirements proposed by the Australian Prudential Regulation Authority strengthen Australian general insurers’ credit profiles
European insurers' ratings will remain unaffected by the proposed capital surcharges on fossil fuel-related assets, according to EIOPA