Nat cat insured losses through Q3 37% above century average: Aon

Insured losses from natural catastrophes totaled $114 billion through the third quarter, 37% above the 21st century average, according to Aon’s Global Catastrophe Recap, Third Quarter, released Thursday.

The vast majority, 88% of global insured losses, were recorded in the United States.

There were 22 billion-dollar loss events, almost 50% above the average of 15.

The January Palisades Fire was the costliest event, causing $23 billion in insured losses.

There was $57 billion of global insured losses from severe convective storms, the third highest on record.

In the third quarter alone, there was $12 billion in insured losses, 82% of which were recorded in the U.S. There were two billion-dollar loss events, and $10 billion of global insured losses from SCS, 88% of the total.

On Wednesday, Gallagher Re reported global insured natural catastrophe losses through third quarter totaled $105 billion, lower than the 2015-2024 Q1-Q3 average of $114 billion and the lowest total since 2019 at $72 billion.

The “uncharacteristic lack of major events from July through September led to one of the least expensive third-quarter periods for insurers since 2000,” Gallagher Re said in its report Wednesday.

The reinsurance broker added that the fourth quarter is typically one of the least expensive on an economic and insured loss basis.