Economic losses from natural disasters fall in first half 2024: Swiss Re
by AFP Staff Writers
Zurich (AFP) Aug 7, 2024

Economic losses from natural catastrophes reached $120 billion in the first half of the year, lower than over the same period last year, reinsurance giant Swiss Re said Wednesday.

Disasters had caused $152 billion worth of economic losses in the first six months of 2023, the group reported.

But the losses so far this year were 31 percent higher than the average first-half losses between 2014 and 2023, Swiss Re said.

Insured losses from natural catastrophes reached $60 billion, the same as the six-month period last year, but 62 percent higher than the 10-year average.

The first half of 2024 was the second costliest on record for insured losses from severe thunderstorms, reaching $42 billion, or 87 percent above the 10-year average, Swiss Re said.

Thunderstorms, mainly in the United States, accounted for 70 percent of global insured losses.

"In recent years, severe thunderstorms have emerged as a main driver of a significant increase in insured losses," said Balz Grollimund, head of catastrophe perils at Swiss Re.

"This is due to growing populations and higher property values in urban areas, along with insured property being more vulnerable to hail damage," Grollimund said.

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SWISS RE AG

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