In the first quarter of 2024, insured losses caused by natural catastrophes reached at least $17 billion, slightly exceeding the average of $16 billion. A report from Aon PLC released on Monday provided this information. This is a significant decrease compared to the $30 billion in insured losses sustained during the same period in 2023, indicating that the frequency and severity of natural disasters have decreased.
Of the total first-quarter losses, severe convective storms accounted for $8.7 billion, representing just over half of the losses. Winter weather followed at $3.5 billion, with flooding coming in third at $1.5 billion. The majority of these events occurred in North America and Europe, generating most of the global insured losses for the quarter. Severe convective storm events in January and March surpassed the $1 billion mark, at $2.2 billion and $3.5 billion, respectively.
Aon highlighted in its reports that loss estimates may increase as additional losses develop from natural catastrophe events, referred to as “loss creep.” The numbers provided are subject to change as individual event loss estimates continue to evolve even months after the occurrence. For example, the total loss from Hurricane Maria in Puerto Rico is still preliminary and expected to surpass the $100 million mark.
Overall, while natural catastrophes caused significant insured losses in Q1 2024, it is important to note that these figures can fluctuate over time due to changes in weather patterns and other factors. It will be interesting to see how these numbers change throughout the year and whether they continue to decline or increase again depending on future events that occur around the world.
In conclusion, while natural catastrophes caused significant insured losses in Q1 2024, it is important to note that these figures can fluctuate over time due to changes in weather patterns and other factors