Severe Thunderstorms Drive Global Insured Losses to $60 Billion in H1 2024

Global insured losses from natural catastrophes reached $60 billion in the first half of 2024, according to Swiss Re. Severe thunderstorms, primarily in the US, were responsible for 70% of these losses, totaling $42 billion, which is 87% above the 10-year average. Swiss Re noted that 12 storms in the US each caused over $1 billion in losses.

Overall, total insured losses for the first half of 2024, including man-made catastrophes, amounted to $66 billion. Natural catastrophes led to economic losses of $120 billion out of a total of $127 billion, marking a decrease from $159 billion in the same period in 2023.

Swiss Re’s experts highlighted the increasing frequency of severe thunderstorms as a significant factor in rising insured losses. Factors such as urban population growth, higher property values, and increased vulnerability to hail damage are contributing to the prevalence of billion-dollar loss events. Additionally, inflation and rising construction costs are exacerbating the situation, emphasizing the need for better protective measures and building codes.