Global insured losses from natural catastrophes including floods and hurricanes are set to surpass $135bn in 2024, as per a report by the Swiss Re Institute.
This marks the fifth consecutive year of the losses topping $100bn.
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Europe and the Middle East were hit with floods, leading to close to $13bn in insured losses thus far.
Europe experienced flooding in 2024, with the region’s second-highest insured losses on record.
Swiss Re estimates that the US accounts for at least two-thirds of global insured losses, significantly impacted by two major hurricanes and a high frequency of severe thunderstorms.
According to the Swiss Re Institute, this year has been the third-costliest for flood-related losses globally and the second costliest for Europe, with insured losses of around $10bn.
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By GlobalDataIn the US, the cost of hurricanes and severe thunderstorms has been substantial. Hurricane Helene made landfall on 27 September, followed by Hurricane Milton on 9 October, with insured losses from both expected to be below $50bn.
Severe thunderstorms have also contributed more than $51bn to global insured losses in 2024, the second highest after 2023’s record of approximately $70bn.
Swiss Re Catastrophe Perils head Balz Grollimund stated: “For the fifth consecutive year, insured losses from natural catastrophes break the US$100bn mark. Much of this increasing loss burden results from value concentration in urban areas, economic growth and increasing rebuilding costs.
Swiss Re Group chief economist Jérôme Jean Haegeli said: “Economic development continues to be the main driver of the rise in insured losses resulting from floods but also other perils, seen over many decades. However, with natural catastrophe risks rising and higher price levels, the annual increase of 5–7% in insured losses will continue and protection gaps could remain high.
“This highlights the need for adaptation in combination with an adequate insurance coverage that can support financial resilience.”
