ICMIF Supporting Member, Gallagher Re, has released its Q3 2024 Natural Catastrophe and Climate Report, summarising preliminary global loss totals and major catastrophe events that occurred during the first three quarters of the year.
The report highlights that global natural catastrophe activity through the first nine months of 2024 remained active, with minimum economic losses of USD 280 billion. This figure is slightly below the 10-year Q1-Q3 average of USD 309 billion, reflecting near-average financial impacts for the insurance industry.
Notably, the report does not yet include losses from Hurricane Milton, which struck Florida in early October and is expected to significantly add to the year’s totals in Q4.
Gallagher Re draws attention to the “backloaded” nature of the Atlantic hurricane season, which has resulted in five hurricanes making landfall in the United States so far, despite overall storm numbers being lower than initially forecast. Colorado State University, a research partner with the Gallagher Research Centre, predicts that favourable conditions for storm activity could continue into November.
The insurance industry continues to adapt to the rising frequency of major natural disasters occurring in non-traditional insurance markets, presenting new challenges for insurers worldwide.
Key findings for Q1-Q3 2024:
- economic losses: minimum of USD 280 billion, slightly below the 10-year average;
- near-average losses for the global insurance industry;
- Hurricane Helene: costliest event through Q3 2024;
- 51+ billion-dollar economic loss events;
- 28+ billion-dollar insured loss events, with at least 19 resulting in multi-billion-dollar claims;
- record-breaking warmth: the warmest Q1-Q3 on record, dating back to 1850;
- major humanitarian impacts from flood and drought events globally.
As the report reflects on the first three quarters of the year, it signals that 2024 has been a significant year for climate-driven events, both in terms of economic costs and humanitarian consequences.
Gallagher Re, a prominent reinsurance broker and advisory firm, is a Gold sponsor of the upcoming ICMIF Biennial Conference, which will be held in Buenos Aires (Argentina), from 12 to 15 November 2024. Conference delegates will have the opportunity to meet with Gallagher Re representatives to discuss the findings of this report and other pressing reinsurance matters.
For further insights, the full Q3 2024 report can be downloaded from Gallagher Re’s website.
