ICMIF Supporting Member Gallagher Re has published the H1 2024 Natural Catastrophe and Climate Report in which the global reinsurance broker and advisory firm summarises preliminary global loss totals and major catastrophe events that occurred during the first half of the year.
According to the report, an active first half of 2024 (H1) for global natural catastrophes resulted in well-above-average losses for the insurance industry. The bulk of the USD 61 billion in global insured losses resulted from US severe convective storm (SCS) activity, which accounted for USD 37 billion (61%) of the entire H1 total. In the last 18 months alone (FY 2023 and H1 2024), Gallagher Re notes, US SCS loss costs have topped USD 100 billion for the insurance industry. This loss already puts 2023/2024 as the costliest back-to-back period for US insurers for the peril on record.
Entering the second half of the year, Gallagher Re says there is a heightened focus on the Atlantic hurricane season, especially after witnessing Hurricane Beryl’s record-setting early-calendar-year intensity. Colorado State University, a new collaborative partner with the Gallagher Research Centre, has forecast the potential of a hyperactive season, which is detailed in the full report.
The following report includes:
- H1 YTD global loss totals from natural catastrophe events, recap of select major events and the market relevance of why these events matter
- An in-depth analysis of the upcoming Atlantic hurricane season that showcases how studying historical analogue years and early season activity may provide clues for the rest of the 2024 season
- A discussion of the upcoming transition from El Niño to La Niña and how this shift may combine with climate change to initiate more extreme behaviour from upcoming weather/climate events.
Download the report here.
Gallagher Re is the Gold sponsor of the forthcoming ICMIF Biennial Conference which takes place in Buenos Aires (Argentina) from 12-15 November 2024. Registration for the Conference is open now and delegates from Gallagher Re will be at the event to discuss this report and other reinsurance matters with ICMIF members.
