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Aon, a major brokering company, estimated that insured global catastrophe losses would amount to at least 17 billion dollars in the first quarter of 2024. This was slightly higher than average according to its measures.
The global insurance and reinsurance sector suffered losses of $17 billion in Q1 of 2017, which is slightly less than the average cat loss of $59 billion for the 21st Century.
Aon reports the Noto Earthquake, which caused economic losses of $17,6 billion according to government estimates, as the most costly event in the first three month period.
Aon estimates the insured loss from the Noto earthquake at $1 billion. This figure is likely to increase and surpass this amount once all claims have been accounted for. A significant protection gap is therefore evident.
The US severe convective thunderstorms (SCS) are responsible for the majority of the $17 billion in insured catastrophe losses.
The two largest insured losses were caused by severe convective weather in the US. An outbreak in January cost $2.2 billion while an outbreak of $3.5 billion was caused by a storm outbreak that occurred in March.
