Natural Catastrophes: Insured Losses Reach $17 Billion in Q1 2024, but Slightly Exceed Average

Insured losses caused by natural catastrophes reached at least $17 billion for the first quarter of 2024, slightly exceeding the average of $16 billion. A report from Aon PLC released on Monday provided this information. Despite this, the losses for the first quarter of this year were significantly less than the $30 billion in insured losses sustained during the same period in 2023.

Severe convective storms accounted for $8.7 billion, representing just over half of the losses. Winter weather followed at $3.5 billion, with flooding coming in third at $1.5 billion. 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. Severe convective storm events in both January and March surpassed the $1 billion mark, at $2.2 billion and $3.5 billion, respectively.

Aon 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.