In the first quarter of 2024, insured losses caused by natural catastrophes reached at least $17 billion. This is slightly above the average of $16 billion over the past years. A report from Aon PLC on Monday revealed this information.
Severe convective storms accounted for the largest share of these losses, with a total of $8.7 billion. This represents just over half of the total losses for the quarter. Winter weather came in second place with $3.5 billion, while flooding followed in third place with $1.5 billion in damages. The majority of these severe convective storms and winter weather events occurred in the United States, generating most of the global insured losses for the quarter.
The report from Aon also highlighted that loss estimates may increase as additional losses develop from natural catastrophe events, referred to as “loss creep.” The numbers provided are subject to change as individual event loss estimates continue to evolve even months after the occurrence. For example, the total loss from the Noto event in Japan is still preliminary and expected to surpass the $1 billion mark as more details emerge about the extent of damages caused by this event.