Insurers’ losses from natural disasters reached $20 billion in the first quarter
In the first quarter of 2024, insured losses from natural disasters reached $20 billion. This volume is largely due to the activity of convective storms in the USA.
The Internet resource of UkrStrahuvanny knows about this from the report of the brokerage reinsurance company Gallagher Re.
According to the report, the first-quarter result was 10% higher than the ten-year average of $18 billion. The authors of the report indicated that the $20 billion included losses due to earthquakes, volcanic eruptions and other events not related to climate change.
“While 2024 is a manageable start to natural disaster losses, the spring and summer months in the Northern Hemisphere often bring more changeable weather or climate-related activity.” – Gallagher Re chief specialist Steve Bowen commented.
According to him, there is already knowledge of the approaching Atlantic hurricane season and the current atmospheric conditions that can cause above-average storm activity.
It will be recalled that the total economic losses from natural disasters in 2023 are estimated by Swiss Re Institute analysts at $280 billion. Of this amount, the level of insured losses was 40% or $108 billion, which exceeds the average of the decade ($89 billion).