Global insured losses peak third highest since 1980

Not even half of the total losses were insured.

Globally insured losses from natural disasters did not surpass half (43.8%) of the total $320b loss amount in 2024, according to Munich Re.

Last year’s total was also 19.4% higher than the $268b in 2023 after adjusting for inflation. 

Although, last year’s insured losses were higher than the $106b the previous year. Both figures exceed the 10- and 30-year inflation-adjusted averages for overall and insured losses. 

The year ranks third in terms of insured losses and fifth in total losses since 1980.  

Weather-related disasters accounted for 93% of total losses and 97% of insured losses, with fatalities significantly lower than average at approximately 11,000 deaths. 

Losses from non-peak perils such as floods, wildfires, and severe thunderstorms totalled $136b, with $67b insured. 

Though slightly below 2023 figures, these losses were well above the decade averages, underscoring the growing financial impact of non-peak events.  

Significant disasters included a $15b earthquake in Japan and Typhoon Yagi, which caused $14b in losses across Asia and killed around 850 people.  

Research highlights the increasing impact of climate change on weather disasters. 

Studies found that hurricanes Helene and Milton brought more extreme rainfall due to global warming. 

“The physics are clear: the higher the temperature, the more water vapour and therefore energy is released into the atmosphere. Our planet’s weather machine is shifting to a higher gear,” Chief Climate Scientist Tobias Grimm, said in a report.

“Everyone pays the price for worsening weather extremes, but especially the people in countries with little insurance protection or publicly funded support to help with recovery. The global community must finally take action and find ways to strengthen the resilience of all countries, and especially those that are the most vulnerable,” Grimm added.