Global insured catastrophe losses up through first three quarters: Aon

Global insured losses from natural disaster events in the first three quarters of this year reached at least $88 billion, higher than the average of $75 billion and median of $62 billion for the period, according to a report Thursday from Aon Plc.

Insured losses from severe convective storms in the United States topped $50 billion for the first time on record and accounted for roughly 60% of all global insured losses, the report said.

There were 32 individual billion-dollar insured loss events, the highest annual total on record, 21 of which were due to “relentless” severe convective storm activity in the U.S. Europe saw two individual billion-dollar severe convective storm loss events, including the first ever in Italy, according to a statement issued with the report.

The February earthquakes in Turkey and Syria caused an estimated $5.7 billion in insured losses, while the August wildfires in Hawaii caused some $3 billion in insured damages.

Michal Lorinc, head of Aon’s Catastrophe Insight, said in the statement that in the U.S., around 80% of severe convective storm loss growth can be explained by exposure change.

He added that “wildfire and severe convective storm were once again highly prominent, and Aon’s research reveals that both are becoming increasingly costly to insurers, communities and governments.”