The first quarter of 2024 saw insured losses caused by natural catastrophes reach $17 billion, surpassing the average of $16 billion. A report from Aon PLC revealed this information on Monday. While the losses for the first quarter of 2024 were significantly less than the $30 billion sustained in 2023, severe convective storms accounted for $8.7 billion, making up more than half of the total losses. Winter weather followed closely behind at $3.5 billion, with flooding coming in third at $1.5 billion.
The majority of these 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 exceeded the $1 billion mark, with January’s event reaching $2.2 billion and March’s event reaching $3.5 billion, respectively.
It is important to note 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 is expected to surpass the $1 billion mark.
Overall, while natural disasters can cause significant financial damage and loss for individuals and businesses alike, it’s important to stay informed about potential risks and take necessary precautions to minimize their impact.