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According to a Gallagher Re report, the cost of economic damage caused by natural disasters in the first half of 2024 has reached 128 billion USD. The insured losses amounted to 61 billion USD.
Severe storms in the USA continue to be the most costly disaster for the insurance market, with damages of around 37 billion USD, that is 61% of the total insured losses.
More generally, the USA accounted for six of the ten most costly insured losses in H1 2024.
Top 10 most costly natural disasters for the insurance industry as at 30 June 2024
In billions USD| Date | Event | Country | Insured losses | Economic losses |
|---|---|---|---|---|
| 12-17 March | Storms | United States | 4.7 | 5.9 |
| 6-10 May | Storms | United States | 3.75 | 4.8 |
| 17-22 May | Storms | United States | 3.675 | 4 .9 |
| 1st January | Earthquake | Japan | 3 | 12 |
| 13-17 April | Floods | United Arab Emirates, Oman, Yemen, Bahrain, Qatar, Iran, Saudi Arabia | 2.82 | 8.55 |
| 8-10 January | Storms | United States | 2.225 | 2.8 |
| 28 May-4 June | Floods | Germany, Italy, Switzerland, hungary, Austria | 2.16 | 5 |
| 27 avril-13 May | Floods | Brazil , Uruguay, Argentina | 2 | 8.1 |
| 31 mars- 4 April | Storms | United States | 2 | 2.55 |
| 15-19 May | Storms | United States | 2 | 2.55 |
Read also | Overview of natural disasters in 2023
