Global damage insurers from natural and man -made disasters increased to $ 146 billion
The volume of global insurance losses from natural and man -made disasters in the world has reached $ 146 billion in 2024, which is more than $ 125 billion in 2023 and significantly exceeds the average annual average by $ 108 billion, Swiss Re Institute said in the report.
Natural disasters were $ 137 billion, which is also more than $ 115 billion in 2023, and is much higher than an average 10-year $ 98 billion.
The main reasons for the increase in losses in 2024 were Hurricane Helen and Milton, strong convective storms (SCS) in the United States, large -scale urban floods around the world and record losses from natural catastrophes in Canada.
The total economic loss from disaster in 2024 reached $ 318 billion, of which only 43% were insured. This left a significant global insurance gap of $ 181 billion.
Natural catastrophes in 2024: Economic and insurance losses
The report states that, as in previous years, in 2024, most insured losses caused secondary risks-first of all, heavy storms. At the same time, the main risks, including tropical cyclones and earthquakes, remain the source of the greatest potential losses.
Swiss Re institute is reminiscent of five “peak unprofitable” years over the last 30 years, when the level of insurance loss has much exceeded historical standards. The last example is 2017, when Hurricanes Harvey, Irma and Maria led to losses that exceeded the long -term trend by 111%.
The Institute also notes that the reinsurance market is able to withstand the scripts with peak losses, including an event of probability 1 to 10, for which the insured losses can reach $ 300 billion this year.
Dynamics of growth loss from natural disasters
To date, the total amount of traditional reinsurance capital is estimated at about $ 500 billion. In addition, alternative capital, including about $ 50 billion from the catastrophic bond market, provides additional capacity for coverage of such losses.
However, Swiss Re Institute emphasizes that the insurance market should not lose vigilance. In order to preserve the effective function of transferring risks, reinsurance capital should increase according to the risks of natural catastrophes and provide profitability for invested capital in the long run.