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Swiss Re: 2024 natural catastrophe insured losses to exceed US$135bn amid climate change, urban development; severe US storms and Europe’s second-costliest floods highlight widening protection gap

Published on: 10 December 2024

Published by a Law360 reporter
Legal News
Article summary

Hurricanes, severe thunderstorms and floods were the primary drivers of this trend

According to the research and development arm of reinsurance heavyweight Swiss Re on 5 December 2024, hurricanes, intense thunderstorms and flooding were the main forces behind the trend. This increase underscores rising risks for the sector, and for the planet, tied to climate change and urban growth.

Swiss Re reported that Hurricanes Helene and Milton generated almost US$50bn of insured losses after hitting Florida in late September 2024 and early October 2024. Insured losses refer to payouts by insurers to meet the cost of damage from incidents such as floods, storms or fires. The firm added that severe thunderstorms across the US accounted for more than US$51bn of global losses, making 2024 the second-most-costly year for such storms, behind 2023's record US$70bn. Economic development remains the principal driver of rising insured losses from floods, as well as other hazards, Swiss Re said...

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