Nat cat insured losses to top $135 billion in 2024: Swiss Re

Insured losses from natural catastrophes are forecast to exceed $135 billion in 2024, according to a report Thursday from Swiss Reinsurance Co. Ltd.

It will also be the fifth consecutive year in which insured losses from natural catastrophes exceed $100 billion, Balz Grollimund, head of catastrophe perils at Swiss Re, noted in the report.

Total insured losses are forecast to rise 16% from 2023 to $144 billion in 2024, with $9 billion in losses coming from manmade situations.

Hurricanes Helene and Milton “severely impacted the U.S.,” with insured losses approaching an estimated $50 billion.

Major floods that hit Europe and the Middle East caused an estimated $13 billion in insured losses.

Much of the increasing costs come from value concentration in urban areas, economic growth and increasing rebuilding costs, Mr. Grollimund said.

This year is also forecast to become the hottest year on record. “A warming climate favors the occurrence of many of the natural catastrophes observed in 2024,” the report said.