Insured losses from natural disasters for 9 months of 2024 exceeded the average and amounted to USD 102 billion, which is higher than last year’s USD 88 billion and the average of USD 79 billion.
This is reported in the report of the global brokerage group Aon “Global Catastrophe Review for the third quarter – October 2024” published on its website.
It is noted that the consequences of Hurricane Milton and other events expected by the end of the year may lead to annual insured losses exceeding USD 125 billion recorded in 2023.
According to the report, since the beginning of 2024, at least 280 major natural disasters have occurred around the world, resulting in economic losses of at least USD 258 billion, which is approximately 27% lower than the figure for the nine-month period of 2023 of USD 351 billion, and below the average of USD 277 billion.
Aon notes that between the first and third quarters, insured losses from major risks were relatively low, and no event demonstrated the potential to significantly impact the broader reinsurance market.
In fact, USD 59 billion, or 58% of insured losses for the period, were caused by severe convective storms (SCS), and USD 21 billion, or 21%, by tropical cyclones.
According to Aon, in the third quarter, losses were caused by three costly hurricanes, SCC events in the United States and Canada, and floods in Central Europe.
In addition, Canada is experiencing its largest year of insurance losses on record, with most of the impact coming from four events that occurred within a single month in the third quarter, and expected payouts will exceed $5.9 billion.
According to Aon, in other parts of the world, Typhoon Yagi, the deadliest event of the year and the most expensive event on record in Vietnam, was the third most damaging event in the period under review.
According to Aon, by the end of the third quarter of 2024, natural disasters had killed about 13 thousand people, the lowest number since 1986.
