In the first three quarters of 2024, global economic losses from natural catastrophes reached approximately $280 billion, according to Gallagher Re. This figure is below the 10-year average of $309 billion and does not include the impacts of Hurricane Milton, which struck Florida in early October.
Despite a less active Atlantic hurricane season than initially forecasted, the season has already seen five hurricane landfalls in the United States. Colorado State University indicates that conditions are expected to remain conducive for storms through November.
Insured losses globally have totaled $108 billion through the third quarter, slightly above the decade average of $102 billion. Notably, there were at least 28 individual events that resulted in billion-dollar insured losses, with 19 of those causing multi-billion-dollar losses—the highest number ever recorded. The United States accounted for a staggering 71% of these insured losses, totaling over $77 billion.
The economic losses during the first three quarters were largely driven by at least 13 events, each resulting in losses exceeding $5 billion, with five events surpassing $10 billion. Significant contributors included Hurricane Helene in the United States, seasonal floods in China, Storm Boris (Anett) in central Europe, and Typhoon Yagi in Asia.
In terms of geographic distribution, Asia experienced 11 such catastrophic events, while Latin America and North America each had four. Europe recorded two events, and the Middle East had one. Of the 51 total events, 49 were related to weather and climate, exceeding the decade average of 42.
