Global insured losses from natural catastrophes totaled $60 billion in the first half of 2024, 62% above the 10-year average and equal to last year’s first-half losses, according to a report Wednesday from Swiss Reinsurance Co. Ltd.
Losses were driven by severe convective storms, which accounted for $42 million, or 70%, of the total.
The U.S. had 12 severe convective storm outbreaks that each caused $1 billion or more in insured damages.
Insured losses from SCS in the U.S. have increased by approximately 8% annually since 2008, according to Swiss Re.
“In recent years, severe thunderstorms have emerged as a main driver of a significant increase in insured losses. This is due to growing populations and higher property values in urban areas, along with insured property being more vulnerable to hail damage. Therefore, multibillion-dollar loss events from this peril are likely to become more common,” Balz Grollimund, head of catastrophe perils at Swiss Re, said in the report.
Another $6 billion in losses were caused by manmade catastrophes, bringing total catastrophe insured losses to $66 billion, 54% above the 10-year average but just $1 billion higher than first-half 2023’s $65 billion in total catastrophe losses.
