WTW’s Natural Catastrophe Review: 2024 Key Data Insights and Trends
WTW has analyzed natural disasters, key lessons, and emerging trends. The assessment will focus on physical and vulnerability NatCat factors
What is the meaning of natural catastrophe? A natural disaster is characterized by the abnormal intensity of a natural agent when the usual measures to be taken to prevent this damage were not able to prevent their emergence or were not able to be taken.
Examples of natural hazards include: avalanche, coastal flooding, cold wave, drought, earthquake, hail, heat wave, hurricane (tropical cyclone), ice storm, landslide, lightning, riverine flooding, strong wind, tornado, typhoon, tsunami, volcanic activity, wildfire, winter weather.
Disasters are classified into natural disasters, man-made disasters, and hybrid disasters.
In this section, we have collected the most current articles and reviews on the topic of the Natural Catastrophes.
WTW has analyzed natural disasters, key lessons, and emerging trends. The assessment will focus on physical and vulnerability NatCat factors
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 2024, global natural perils resulted in total direct economic costs of $417 bn. Of this, $154 bn was covered by private insurers and public insurance entities
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
Government-backed catastrophe insurance schemes play a vital role in managing the financial impact of natural disasters across Europe
PERILS has released its third insurance industry loss estimate for the floods that hit southern Germany from May 31 to June 6, 2024
2024 is on track to become the hottest year recorded. A warming climate has intensified natural catastrophes, especially in Europe, which faced severe flooding
Cyber incidents, changes in climate, and business interruption are the chief risk concerns among key marketplace segments in the insurance industry
Inland areas are increasingly vulnerable to flooding from both tropical storms and severe convective storms, yet the number of homeowners who purchase flood insurance
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
Higher property values, urbanization, and increased repair costs are likely to drive demand for property re/insurance, particularly in regions facing heightened natural catastrophe
Global natural disaster losses in the first half of 2024 reached $120 bn, down from 2023, which saw $140 bn in losses due to a severe earthquake in Turkey and Syria
Natural disasters amplified by climate change continue to take a bitter toll on the global economy, caused $350 bn in economic losses, with insurance covering just over $100 bn
1H 2024 saw multiple notable natural catastrophe events, which drove total year-to-date economic losses above at least $117 bn
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
The total economic loss from global natural catastrophes for H1 2024 was estimated at $128 bn, insured losses totalled at $61 bn
The global financial cost of natural catastrophes starting in 2024 was manageable for federal governments and the insurance industry
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
The past year was once again characterised by extremely high insured losses from natural disasters, despite the fact that there were no extreme individual losses
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
US P&C insurance industry continued to generate significant underwriting losses in 2024 despite strong premium growth
Moody’s RMS overview of North Atlantic seasonal activity forecasts and summarized the key oceanic and meteorological drivers behind the predictions
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