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.
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.
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:
- Hurricane Helene impacted parts of the U.S., Mexico and Cuba and accounted for a preliminary figure of $55 billion in economic loss.
- The Noto Earthquake in Japan accounted for $17.9 billion in economic loss.
- Flooding in South and Central China accounted for $15.6 billion in economic loss.
- Typhoon Yagi in Southeast Asia accounted for $12.6 billion in economic loss.
- Severe convective storms in the U.S. accounted for $7 billion in economic loss.
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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