Summary
The H1 2024 Global Catastrophe Recap is a report detailing significant natural disaster events and their economic impacts during the first half of 2024. The report indicates that total economic losses reached approximately $117 billion, which is lower than the 21st-century average of $137 billion for the same period. Insured losses are estimated at over $58 billion, driven primarily by severe convective storms and flooding. The report highlights that the number of billion-dollar disaster events was 30, with the Noto earthquake in Japan being the costliest event, causing over $17 billion in damages. The report also discusses the evolving risks associated with tornadoes and severe convective storms in the United States, noting a significant increase in severe weather activity in April and May 2024. The report concludes with observations on the re/insurance market conditions and the ongoing challenges posed by the hurricane season and other secondary peril losses.
