Severe Thunderstorms Drive Insured Losses to USD 60 Billion in First Half of 2024, Swiss Re Estimates

Zurich, 7 August 2024 – Swiss Re Institute's preliminary estimates reveal global insured losses from natural catastrophes reached USD 60 billion in the first half of 2024. This figure is 62% above the ten-year average. Severe thunderstorms, predominantly in the US, accounted for 70% of these losses, totaling USD 42 billion.

Balz Grollimund, Head of Catastrophe Perils at Swiss Re, noted that the increasing population and property values in urban regions, coupled with heightened vulnerability to hail damage, are driving these losses. Severe thunderstorms are marked by strong winds, hail, and heavy rain. Twelve storms in the US alone caused losses exceeding USD 1 billion each.

Jérôme Jean Haegeli, Swiss Re's Group Chief Economist, highlighted factors such as inflation and economic development contributing to rising insured losses from severe thunderstorms. Additionally, significant flood-related losses were reported in the UAE, Germany, and Brazil, with floods making up 14% of global insured losses.