Insured losses from natural catastrophes totaled at least $61 billion for the first half of 2024, 25% higher than the most recent 10-year average of $49 billion, according to a report Wednesday from Gallagher Re, the reinsurance brokerage of Arthur J. Gallagher & Co.
First-half natural catastrophe losses were off 19.7% from the $76 billion of insured losses in the first half of 2023, report data showed.
The U.S. accounted for more than $43 billion, or 70% of the first-half total, above the region’s decadal average of $32 billion.
Severe convective storm insured losses of $40 billion comprised 65% of the first-half total, with flooding a distant second at 16%.
Severe convective storm losses of at least $37 billion in the U.S. accounted for 61% of total insured losses, and were the second-highest, first-half U.S. SCS losses on record behind 2023’s $47 billion, which constituted 62% of first-half natural catastrophe losses, the report said.
There were 19 billion-dollar insured loss events in the first half of the year, 12 of which were multibillion-dollar losses.
The U.S. saw 13 billion-dollar insured SCS outbreaks, eight of which topped $2 billion in losses.
“Severe convective storm is taking on very, very real dominance in terms of the annual cost that it’s been incurring,” said Gallagher Re Chief Science Officer Steve Bowen.
He added that while the U.S. is “by far the dominant driver of losses,” parts of Europe, such as Italy, as well as Asia are also seeing increased losses due to severe convective storms.
