2024 Insured Natural Catastrophes Losses Expected To Top $135 Billion

For the fifth consecutive year, insured losses resulting from natural catastrophes have exceeded $100 billion, according to the Swiss Re Institute. 

Swiss Re noted that losses in the United States—which has been affected by two major hurricanes and a high frequency of severe thunderstorms—represent at least two-thirds of this year's global insured losses of more than $135 billion as of current estimates. 

Hurricane Helene and Hurricane Milton in the United States produced insured losses, approaching an estimated $50 billion, Swiss Re said. In addition, major floods hit Europe and the Middle East, causing insured losses currently estimated at nearly $13 billion. 

According to Swiss Re, severe convective storms—most in the United States—are expected to add more than $51 billion to the 2024 insured loss total, the second-highest total after the record $70 billion in such losses in 2023. 

"For the fifth consecutive year, insured losses from natural catastrophes break the USD-100-billion mark," Balz Grollimund, Swiss Re's head of catastrophe perils, said in a statement. 

"Much of this increasing loss burden results from value concentration in urban areas, economic growth, and increasing rebuilding costs," Mr. Grollimund said. "By favoring the conditions leading to many of this year's catastrophes, climate change is also playing an increasing role. This is why investing in mitigation and adaptation measures must become a priority."