Third-quarter global insured catastrophe losses exceed $100 billion

Twenty-six different billion-dollar loss events hit the United States so far in 2024, Aon reports.

Natural catastrophes in the U.S. totaled roughly $80 billion during the third quarter of 2024. (Credit: Аrtranq/Adobe Stock)

Global insured catastrophe losses reached $102 billion during the third quarter of 2024, according to a recent Aon report.

Economic losses for the quarter topped out at $258 billion, the data showed, after posting $351 billion in losses over the same period in 2023.

Storm Damage from Hurricane Helene, Fla. (Photo: Mark Rankin/U.S. Army Corps of Engineers, Jacksonville District)

Meanwhile, natural catastrophes in the U.S. totaled roughly $80 billion and accounted for nearly 80% of global insured losses during the quarter. Economic losses in the U.S. reached at least $120 billion over the period and were above the $92 billion average since 2000.

The five costliest economic loss events through the first three quarters of 2024, according to Aon:

Insured losses from recent flooding in parts of eastern and southern Spain is predicted to rise well above €1 billion (or $1.09 billion).

Triggered by torrential rainfall on Oct. 29, 2024, flooding impacted the Spanish regions of Valencia, Albacete, Cuenca and eastern Andalusia. At least 95 people are confirmed dead, with widespread damage to property and infrastructure including people, properties, vehicles, businesses and the agriculture sector.

Catastrophes with major insurance losses in 2024 included an earthquake in Japan, five U.S. hurricanes, severe flooding in central Europe, and wildfires in Canada.

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