Nat cat insured losses at least $20B in Q1: Gallagher Re
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Insured losses from natural catastrophes totaled at least $20 billion in first-quarter 2024, a third lower than the $33 billion in insured losses in first-quarter 2023 but a shade higher than the 10-year average of $18 billion, according to a report Wednesday from Gallagher Re, the reinsurance business of brokerage Arthur J. Gallagher & Co.
Severe convective storm was the leading cause of loss, $11 billion, with $10 billion of that in the U.S. Three of these events are already billion-dollar losses, and Gallagher Re said further development was “likely” from the largest first-quarter SCS outbreaks.
First-quarter severe convective storm insured losses were the second highest on record, after first-quarter 2023’s $15 billion. Insured losses from severe convective storm were a record $63 billion in 2023, making this year’s first quarter a potentially ominous harbinger.
Hail was cited as the “primary subperil,” and drove the bulk of insured losses across the central and eastern U.S. “In any given year, hail drives 50% to 80% of all thunderstorm-related claims,” the report said.
The U.S. accounted for three-quarters, or $15 billion, of the first-quarter insured losses, with Asia next closest with $3 billion in insured losses, driven by the Jan. 1 Japanese Noto Peninsula earthquake of magnitude 7.5.
