An active first half of 2024 (H1) for global natural catastrophes resulted in well-above-average losses for the insurance industry. The bulk of the USD61 billion in global insured losses resulted from US severe convective storm (SCS) activity, which accounted for USD37 billion (61%) of the entire H1 total. In the last 18 months alone (FY 2023 and H1 2024), US SCS loss costs have topped USD100 billion for the insurance industry. This loss already puts 2023/2024 as the costliest back-to-back period for US insurers for the peril on record.
As we enter the second half of the year, there's a heightened focus on the Atlantic hurricane season, especially after witnessing Hurricane Beryl's record-setting early-calendar-year intensity. Colorado State University, a new collaborative partner with the Gallagher Research Centre, has forecast the potential of a hyperactive season, which is detailed in the full report.
The following report includes:
- H1 YTD global loss totals from natural catastrophe events, recap of select major events and the market relevance of why these events matter
- An in-depth analysis of the upcoming Atlantic hurricane season that showcases how studying historical analog years and early season activity may provide clues for the rest of the 2024 season
- A discussion of the upcoming transition from El Niño to La Niña and how this shift may combine with climate change to initiate more extreme behavior from upcoming weather/climate events
