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German reinsurer Munich Re reported that economic losses caused by natural catastrophes in 2024 reached 320 billion USD, against 268 billion USD in 2023.
Insured losses climbed from 106 billion USD in 2023 to 140 billion USD a year later, making 2024 the third most expensive year for the insurance market.
Typhoon Yagi, which hit several Asian countries including China and Vietnam, is considered the deadliest event of the year, with a death toll of 851.
Top 5 natural catastrophes in 2024 by insured losses
Figures in billions USD| Event | Date | Countries | Insured losses | Economic losses | Number of deaths |
|---|---|---|---|---|---|
| Hurricane Milton | 7-10 October | United States, Mexico | 25 | 38 | 27 |
| Hurricane Helene | 24-27 September | United States, Mexico, Cuba, Honduras | 16 | 56 | 227 |
| Tornadoes and storms | 6-10 May | United States | 5.1 | 6,6 | 6 |
| Tornadoes and hailstorms | 12-16 March | United States | 4.7 | 6,1 | 3 |
| Floods | 28-30 October | Spain | 4.2 | 11 | 229 |
