Cyclones cause $51 billion in insured losses: Munich Re

Tropical cyclones in the North Atlantic, called hurricanes, and those in the Northwest Pacific, called typhoons, caused an estimated $51 billion in insured losses in 2024, according to a report Monday from Munich Reinsurance Co. Inc.

The $51 billion in insured losses is “significantly” higher than both the past 10-year average of $36.1 billion and the past 30-year average of $23.7 billion.

The robust tropical cyclone losses also mean that insured losses from natural catastrophes in 2024 will exceed the $100 billion threshold, according to the report.

Most of the losses came from the severe hurricane season in the North Atlantic, where losses of approximately $49 billion were “substantially higher” than the $30.1 billion 10-year average and the $20.9 billion 30-year average.

Eighteen tropical storms were recorded in the North Atlantic, 11 of which reached hurricane strength, and five of those became major hurricanes, Saffir-Simpson Categories 3-5, with wind speeds of more than 110 mph.

There were 25 storms in the Northwest Pacific, 18 of which made landfall, with insured losses of about $2 billion, according to the report.

Thomas Blunck, a board of management member at Munich Re, said the 2024 season was characterized by the rapid intensification of severe storms and ensuing extreme rainfall.