Global Natural Catastrophe Overview: Economic & Insured Losses for 2024 FY
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
Severe convective storms
Severe convective storms are among the most common, most damaging natural catastrophes. The result of warm, moist air rising from the earth, they manifest in various ways, depending on atmospheric conditions – from drenching thunderstorms with lightning, to tornadoes, hail, or destructive straight-line winds.
These storms were the costliest peril for insurers, and the start of this year’s convective storm season coincided with the shutdown of much of the economy due to the coronavirus pandemic. This could complicate disaster response and claims handling as the season–already shaping up to be the deadliest in eight years–continues.
Population growth and economic development have contributed to increasing losses. At the same time, research suggests the geography, frequency and intensity of these storms also may be changing. This paper examines these trends and how insurers, risk managers, individuals and businesses are responding to mitigate the risks and improve community resilience.
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
Home Insurance in Florida: Lower Rate and Risk Crisis in 2024
Home insurance premiums in Florida rose at a much lower rate than originally projected in 2023 (80% less) and 2024 (60% less)
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
Insured Losses from Convective Storms in the U.S. exceedes $50 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
Prediction for Energy Infrastructure & Insurance Development
IMCA predict over $800bn will be allocated to new developments and re/insurance cover by 2030, but major challenges must be tackled if this expenditure is to succeed
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
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)
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
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