The report reveals global natural disaster events caused USD 368 billion (2023: USD 397 billion) in economic losses in 2024, driven by hurricanes and severe convective storms (SCS) in the U.S., which is 14% above the 21st-century average and the ninth consecutive year of losses exceeding USD 300 billion.
The Climate and Catastrophe Insight report points to several trends with natural catastrophe losses:
Weather-related events are becoming more frequent and costly. Global insurance losses in 2024 were 54% above the 21st-century average, covering USD 145 billion of the USD 368 billion in damages (2023: USD 126 billion). Even as insured losses far exceeded the average, the protection gap stood at 60% (2023: 68%).
Hurricane Helene was the costliest global event in 2024. The hurricane made landfall in the U.S. in September and caused USD 75 billion of damages and 243 fatalities. Hurricane Milton in October was the costliest single global insured loss event, causing USD 20 billion in losses. These are major contributors to the fact that 78% of global insured losses were recorded in the U.S.
The steady growth of SCS losses reflects increasing population, exposure and wealth. There were at least 54 global events that each resulted in economic losses above USD 1 billion in 2024, which is above the average of 44. The increase in the number of billion-dollar events is largely driven by SCS in the U.S. Growing exposure to this peril increases the likelihood of billion-dollar disasters occurring, particularly as the U.S. continues to experience spatial growth of cities in areas regularly affected by SCS activity, such as Dallas, Houston or Denver.
In terms of climate, 2024 was the warmest year on record. Twenty countries and territories recorded their highest temperatures during a year which saw the end of 15 consecutive months of record global high temperatures in August.
"The devastating events of 2024 underscore the significant economic toll of climate risk. Evidenced by the data in our report – and the tragic destruction in California at the beginning of 2025 – extreme weather remains a powerful force driving the complexity and volatility that businesses and communities face and emphasizes the urgent need for innovative solutions to address this growing challenge", commented Greg Case, CEO of Aon.
"When it comes to climate risk, the stakes could not be higher. The USD 223 billion in uninsured losses in 2024 challenges the ability to rebuild, recover and create more resilience across the globe. Part of the solution requires investments in technology and analytics to model and price the risks and attract deeper capital pools that can see a potential return on investment to take on these risks. Capital will not go where it is not protected – and the events from 2024 should stimulate innovation across our industry to strengthen the global economy", CEO of Aon added.
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