Insured Losses From Natural Disasters Top US$100B for 5th Consecutive Year: Swiss Re
Estimated insured losses from natural catastrophes are on track to surpass US$135 billion in 2024 – for the fifth consecutive year, according to Swiss Re Institute. A warming climate is contributing to the occurrence of many of the natural catastrophes seen this year, said Swiss Re, noting that 2024 is set to become the hottest year on record – at 1.54°C above the pre-industrial average. Natural disasters are driving a predicted 17% increase in losses for the insurance industry this year, according to the report Other highlights from the Swiss Re report include: Manmade insured losses averaged $9 billion across the globe in 2024, Economic losses totaled $320 billion for the year – or $310 billion for nat cats and $10 billion for manmade catastrophes. (Economic losses include insured and uninsured losses). For the fifth consecutive year, insured losses from natural catastrophes are breaking the US$100-billion mark, said Balz Grollimund, Swiss Re’s Head Catastrophe Perils. “Much of...