According to reinsurance broker Gallagher Re, there were at least 19 individual billion-dollar insured natural catastrophe loss events in the first half of 2024, making it the second-highest H1 total on record, behind the 20 events seen in 2023 and 2022.
Of the 19 events, 12 resulted in a multi-billion dollar loss.
As well as this, 17 of the events were weather/climate related, which is two less from 2023 and 2022.
Gallagher Re recently released its H1 2024 Natural Catastrophe and Climate Report, which showcased that global insurance and reinsurance industry losses from natural catastrophes in H1 2024 reached at least $61 billion.
The broker’s report also revealed that US severe convective storm (SCS) activity continues to be the main driver of global insured losses from nat cats, accounting for at least $37 billion, or 61% of total H1’24 insured losses.
Gallagher Re reveals that in total there were at least 32 individual billion-dollar economic loss events in H1, which was above the decadal average of 27 such events.
From what we understand, these events included 20 in the United States, 14 of which were from SCS outbreaks, while 6 were seen in Asia, 4 in Latin America, and 1 each in the Middle East and Europe.
Out of the 32 events, all but two were weather/ climate-related, which was above the 10-year average of 26.
Lingering influence from El Niño was reportedly a “driving force” for many of the weather/climate related disasters.
Gallagher Re noted how shifts in the jet stream led to periods of extreme precipitation or drought in parts of South America, Africa, Asia, and the Middle East, which ultimately led to costly results.
As well as this “exceptional flooding” seen in mid-April across the Middle East, notably in the United Arab Emirates, resulted in the region’s costliest weather-related economic cost on record, topping USD8.5 billion.
Furthermore, similar flooding was seen in Brazil towards the end of April and leading into May, which led to more than USD8 billion in loss costs in the state of Rio Grande do Sul.
The broker also highlighted how “intense drought conditions” plagued parts of Mexico, South America, and Southeast Asia too.
