Insured cat losses above average, but down 43% from Q1 2023
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Insured losses caused by natural catastrophes reached at least $17 billion for the first quarter of 2024 and were slightly above the average of $16 billion, according to a report Monday from Aon PLC.
This year’s first-quarter losses were, however, off 43.3% from the $30 billion in insured losses sustained in first-quarter 2023, report data showed.
Severe convective storms accounted for $8.7 billion, or just over half, of total first-quarter losses, according to report data. Winter weather was second at $3.5 billion and flooding third at $1.5 billion.
The majority of the severe convective storm and winter weather events were in the United States and generated most of the global insured losses in the first quarter, Aon said. Severe convective storm events in January and March both topped the $1 billion mark at $2.2 billion and $3.5 billion, respectively.
Aon noted in its reports that loss estimates could rise as additional losses develop from natural catastrophe events, known as “loss creep.”
“It is worth noting that these numbers are subject to change as individual event loss estimates tend to evolve even months after the date of occurrence,” the report said.
The total loss from the Noto event in Japan is still preliminary and expected to evolve but might exceed the $1 billion mark, for example.
