Insured losses from natural catastrophes reached $60 billion globally in the first half of 2024, largely due to frequent small to medium-sized events, according to Swiss Re Institute.
Severe thunderstorms, particularly in the U.S., were the main contributors, accounting for $42 billion of the total losses. The U.S. alone faced 12 severe storms, each causing over $1 billion in damage.
Floods also contributed significantly, with notable events in the UAE, Germany, and Brazil. The UAE’s flash floods in April resulted in $2 billion in insured losses, marking the country’s costliest natural disaster.
Swiss Re’s Jérôme Jean Haegeli highlighted the growing impact of inflation and economic development on increasing exposure to such events, stressing the need for enhanced protective measures and improved building codes.