In the first quarter of 2024, insured losses caused by natural catastrophes amounted to at least $17 billion, slightly above the average of $16 billion. Despite this, losses decreased by 43.3% from the $30 billion experienced in the first quarter of 2023.
Despite the slight increase in losses compared to the previous year, Aon PLC reported that severe convective storms were responsible for over half of the total first-quarter losses at $8.7 billion. Winter weather and flooding followed at $3.5 billion and $1.5 billion, respectively. The majority of severe convective storm and winter weather events occurred in the United States and accounted for most of the global insured losses during the quarter. Notably, severe convective storms in January and March each exceeded $1 billion in losses.
Aon warned that loss estimates may increase as additional losses emerge from natural catastrophe events, a phenomenon known as “loss creep.” The report highlighted that individual event loss estimates often change even months after the occurrence. For instance, the total loss from the Noto event in Japan is still preliminary and may surpass $1 billion as more information becomes available.
