Global catastrophe losses hit $53B in first quarter: Aon

Global insured losses for the first quarter are expected to reach $53 billion, more than triple the first-quarter average over the past 25 years, according to Aon PLC’s latest Global Catastrophe Recap, released Thursday.

California wildfires, which started in January, accounted for $37.5 billion, or 71%, of the losses, the report said.

The Palisades and Eaton Fires around Los Angeles resulted in insured losses of $20 billion and $17.5 billion, respectively. Natural catastrophes in the United States accounted for 95% of global insured losses in the quarter, the report said.

At least six catastrophes, including severe convective storms, caused more than $1 billion in insured losses in the period, and all occurred in the United States.

Outside of the U.S., Windstorm Éowyn, which hit Ireland, Britain and Norway in January, was the costliest insured loss at $690 million.

Economic losses for the period reached $83 billion, significantly higher than the $61 billion 21st-century average for the period, Aon said. More than 5,000 people died from catastrophes, with most fatalities linked to the Myanmar earthquake in March (see chart).