Climate and

Catastrophe Insight

1
 Table of Contents

Executive Summary 3 What We Learned 35 Appendices 66

Atlantic Hurricanes Highlight Underinsurance Appendix A: 2024 Global Disasters 67
Foreword by Greg Case, CEO, Aon 5
and the Importance of Adaptation 36
Appendix B: Long-Term Natural Disaster Trends 90
How This Report Helps Organizations Thrive 6 Global Flood Events Revealed Contrasts
Appendix C: Historical Natural Disaster Events 92
in Preparedness Level 40
Natural Disaster Events and Loss Trends 8 Appendix D: Global Tropical Cyclone Activity 102
Population Growth and Urbanization
Global Economic Losses Above Average, Continue to Drive Increasing Losses 43 Appendix E: United States Storm Reports 103
Driven by Weather-Related Disasters 9
Severe Convective Storms and Shingle Roofs: Appendix F: Global Earthquakes 104
Global Insured Losses Exceed $145 Billion A Growing Challenge 46 Appendix G: United States Wildfires 105
Table of Contents

in the Sixth Costliest Year on Record 15

Historic Year for Canadian (Re)insurance 48
Global Fatalities Among the Lowest in 30 Years 23 Additional Report Details 106
Critical Climate Resilience Considerations
Regional Catastrophe Review 26 for Infrastructure Assets 51 References 107
United States 27 Evacuation Planning Critical for Limiting
Human Casualties 53
Americas (non-U.S.) 29

EMEA (Europe, Middle East and Africa) 31 The Links Between Climate and Catastrophes 54

APAC (Asia and Pacific) 33 2024: The Hottest Year on Record Exceeds
1.5°C above the Pre-Industrial Levels 55

Prolonged Extreme Heatwaves Increasingly

Affect Human Health 57

Observing 2023 – 2024 Events Through

Climate Oscillations 58

Tropical Cyclone Activity in 2024 60

Atlantic Hurricane Season Ends as

Hyperactive After a Slow Start 63

Climate Attribution Studies Emphasize

the Role of Adaptation 65

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 Executive Summary Economic Loss Insured Loss Hurricane Helene, Costliest Event Warmest Year on Record

$368B $145B 243 1.55°C/2.79°F

14 percent above the 54 percent above the fatalities in the third-deadliest U.S. temperature anomaly in 2024 compared
21st century average 21st century average hurricane of the 21st century, to pre-industrial period (1850 – 1900),
causing $75 billion in economic losses marking the warmest year on record (WMO)

54 34 Spain, Brazil, 15
billion-dollar economic loss
events, above the average of 44
billion-dollar insured loss events,
above the average of 16
UAE, Vietnam consecutive months of record-high
global temperatures between
recorded their costliest insurance events July 2023 and August 2024

60% 78% 20
global protection gap of global insured losses were countries and territories that recorded
recorded in the United States their highest temperatures

Total losses
$368B

$145B Tropical $61B 18,100

Covered by
insurance
Cyclone global insured losses from SCS,
the second-highest on record
fatalities driven by heatwaves
and floods, lowest since 1992
peril with the highest economic losses;
severe convective storms was the most
damaging peril for insurers

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 Insured losses reach $145 billion in the sixth-costliest year on record as global events show that adaptation
Executive Summary and disaster preparedness can mitigate damage and loss of life in the current and future climate.
Economic Losses Were Above Average Due to The global protection gap was relatively low at 60 percent weather prediction, crisis management and disaster
Weather Disasters — with 40 percent of damage being covered by insurance. preparedness. While this is a positive development,
The gap has decreased from 69 percent in 2023. continued improvements are still needed even in
Global natural disasters in 2024 resulted in economic
However, notable differences between regions and peril countries that are better positioned to deal with
losses reaching at least $368 billion and were primarily
remained and providing affordable and sustainable disasters due to their economic development level.
driven by tropical cyclones, severe convective storms
insurance products will be crucial to enhance financial
and floods. The single most devastating event was 2024 Was the Hottest Year on Record
resilience in the future.
Hurricane Helene, which is estimated to have caused
For the first time, global temperature anomaly in
approximately $75 billion in direct damage, mainly due Socioeconomic Factors Continue to Drive Losses
2024 exceeded 1.5°C above the pre-industrial levels.
to inland and coastal flooding. Global losses surpassed Increase in population, wealth and overall exposure This not only manifested itself in heatwaves and record
$300 billion for the ninth time in a row and were 14 to natural hazards in high-risk areas continues to be temperatures around the world, but also in continued
percent higher than the long-term average. Some a crucial component of growing disasters losses. For impact on severity and frequency of various perils.
territories suffered a disproportionate impact relative example, staggering development in hurricane-prone This underscores the need for reliable climate data
to their economic output, such the island of Mayotte Florida or spatial growth of U.S. cities in areas regularly and analytics to accurately assess the impact on
from Cyclone Chido. affected by severe convective storm (SCS) activity people and property.
2024 was the Sixth-Costliest Year for Insurers increases the likelihood of billion-dollar disasters.
Adaptation and Disaster Preparedness Can Mitigate
Many regions continued to suffer from impacts of
The costliest events for insurers were two Atlantic Damage and Create More Resilient Communities
inflation and other economic factors. For example,
hurricanes — Helene and Milton — which are expected
the increase in building construction costs seen in Disasters of 2024 provided valuable lessons on how
to result in losses of approximately $37.5 billion,
Canada in recent years, coupled with shortage of building resilient infrastructure and adaptation measures
including public insurance from the National Flood
skilled labor and supply chain disruptions, have driven can help reduce material and financial impacts in current
Insurance Program. While these losses were substantial,
up the costs of rebuilding efforts. and future climate. For example, adherence to building
southeastern United States avoided the worst-case
codes in Florida helped to partially mitigate damage from
scenario, and the impact was manageable by the Global Fatalities Were Among the Lowest in 30 Years
Helene and Milton. Similarly, improved preparedness
(re)insurance industry. Severe convective storm was Approximately 18,100 people were killed by natural through better warning systems, weather forecasts or
the costliest peril for insurers, as total annual losses disasters in 2024, well below average. This is consistent evacuation planning is crucial in reducing the risk to
exceeded $60 billion and were the second-highest on with the overall long-term decline in the number of human lives, as was shown during the flooding in
record after 2023. Additionally, Spain, Brazil, UAE and casualties and echos improvements in early warnings, Central Europe or effects of typhoons in the Philippines.
Vietnam all recorded their costliest insurance events.

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 Foreword by Greg Case
CEO, Aon

It has been almost 20 years since Aon published its first Climate and Catastrophe
Insight report. Since then, a lot has changed in our understanding of the forces driving
the complexity and volatility that businesses and communities tackle every day.
Our research — and conversations we have with clients and decisions, our teams of modellers, data and analytics experts and
governments around the world — highlights four megatrends (re)insurance professionals are using these insights to develop and deliver
impacting business decision making: Trade, Technology, Workforce solutions that better protect businesses and vulnerable communities.
and, the focus of this report, Weather. Parametrics, for example, are increasingly key to attracting new forms
Aon’s Climate and Catastrophe Insight report tells two very important of capital and are helping clients mitigate uncertainty and recover faster
Foreword

stories about the Weather megatrend. First, that weather, and after an event. Elsewhere, our Property Risk Analyzer is helping clients
particularly climate risk, can affect almost every aspect of business identify exposures driven by natural catastrophes to decide which risks
operations across the other three trends — such as where to locate should be retained or transferred.
a new facility or how best to protect employees. Second, to tackle At the same time, we are building partnerships to advance climate
rapidly changing climate risk, the (re)insurance industry must solutions and further close the protection gap. Aon is working with the
accelerate innovation and access new forms of capital to respond International Federation of the Red Cross and Red Crescent Societies’
to increasing and evolving risks. Disaster Response Emergency Fund to create an insurance policy that
In 2024, the world endured $368 billion in global economic losses. provides more immediate funding when disaster strikes the world’s
Unfortunately, 60 percent of those losses were not covered by poorest areas. In 2024, this policy was triggered because the world
insurance, which significantly compromises the ability for communities was hit by so many floods and landslides.
to rebuild and adapt for the future climate. We call this the “protection When it comes to climate risk, the stakes could not be higher. The data
gap” and it must be closed. in this report delivers powerful insights that can help global businesses
To address climate risk — and our new normal of extreme weather become even more resilient to climate risk. Certainly, the year ahead
events — Aon is investing in data, technology and next-generation presents great challenges but also an opportunity for our industry to
forecasting models to deliver insights. Driven by our commitment innovate and collaborate in new ways that profoundly strengthen the
to help businesses and communities make better risk and people global economy.

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 How This Report Helps Organizations Thrive

We analyze global natural hazards to better inform organizations on the risk and human impact of catastrophes and climate. Our goal is to connect
sectors including insurance, government, academia, construction and finance as we collaboratively build a more resilient future.
To demonstrate how we can make better decisions to protect people and property, we assess the impact of weather-related catastrophic events on
workforce resilience, emerging technology and trade continuity with insights on how organizations can accelerate adaptation.
How This Report Helps Organizations Thrive

Risk management is key as weather Leaders must proactively boost workforce

patterns increase the severity of resilience amid natural catastrophe and
natural catastrophes. climate challenges.
Physical damage impacts homes, businesses, lives and livelihoods, Heat can impact workforces through health and safety, wellbeing,
highlighting the need for better adaptation strategies. The insurance productivity and performance. The future of work will see a higher demand
industry plays a critical role by providing capital to reduce risk and for professionals with climate skills in construction and crisis management,
increase resilience. as well as more businesses using location analytics and job assessments
to redeploy resources and ensure employee safety.
1. Understand the impact of climate risk to buildings and people to build
more resilient infrastructures and workforces. 1. Evaluate the current and future impacts of climate risks on the
workforce across key indicators, including productivity, healthcare
2. Ensure natural perils and climate are evaluated and managed with
costs and talent supply to adapt to change and help manage risk.
the same rigor as other risk exposures, using tools and analytics to
support decision making. 2. Develop robust disaster recovery plans and support services with
just-in-time employee relief.
3. Grow the volume of sustainable investment assets to accelerate
green initiatives and meet net-zero emissions goals. 3. Proactively prepare to help employees understand potential risks,
avoid uncertainty and improve communication during an event.
4. Ensure climate risks are assessed for both infrastructure and people
to understand the total cost. 4. Upskill employees with climate and sustainability skills and recruit
experts from beyond your sector with specialist knowledge.

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 Focus on strategies to mitigate the risks Strengthening supply chains is essential
climate poses to critical technology. to mitigate the impact of nat cat on trade.
How This Report Helps Organizations Thrive

Natural perils can have a significant impact on global technology Natural disasters disrupt trade by halting production, impeding
infrastructure, supply chains, and digital connectivity. For instance, transportation and losing sales. This can cause economic, operational
Hurricane Sandy led to tech outages due to flooding, and an earthquake and reputational damage, as well as a loss of market share and
in Indonesia in 2022 caused internet connectivity problems by damaging competitiveness. Risk management solutions include parametric
deep-sea cables. Equally, technology plays a crucial role in reducing the insurance to provide support around non-physical damage with
impact of climate risks — for example, by adopting alternative energy triggers around loss of sales or spikes in temperature.
sources to support the increasing energy demand from AI data centers 1. Adapt to the changing climate with new forms of capital, such as
that enable real-time climate risk assessment. parametric, to avoid loss of market share and competitiveness.
1. Evaluate the role of renewable energy and distributed power 2. Invest in renewable energy, diversify supply chains, improve
generation to manage growing energy demand from AI data centers. transparency and traceability and access new sources of capital
2. Adopt advanced analytics to evaluate the exposure of critical to protect your business interests.
technology infrastructure (data centers, submarine cables, 3. Integrate advanced analytics, Internet of Things (IoT), and AI into
manufacturing locations) to climate events. supply chain management, enhancing real-time monitoring and
3. Climate-proof critical technology infrastructure and supply predictive capabilities to mitigate risks.
chain processes. 4. Climate-proof supply chains to help providers offer incentives,
4. Attract alternative forms of risk capital for climate risks to protect such as premium discounts and more favorable terms.
critical technology infrastructure (parametrics, ILS).

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Natural Disaster Events
and Loss Trends
Explore long-term trends and the impacts of the year’s major natural disasters from a global perspective
 Global Economic Losses Above Average,
Driven by Weather-Related Disasters

Exhibit 1: Notable 2024 Economic Loss Events

Economic losses from global natural disasters in 2024

are estimated at $368 billion, about 14 percent above
Natural Disaster Events and Loss Trends

the long-term average since 2000, after adjusting

historical losses to today’s values using the U.S. Consumer
Price Index.
Distribution of disasters on the world map shows various
patterns. For example, the largest concentration of
catastrophe losses can be found in developed countries
with high economic output, with the United States alone
Valencia Floods
$16B
Noto Earthquake
accounting for more than $218 billion in 2024. However,
Hurricane Helene
$18B losses in emerging markets such as Brazil, India and China
$75B are accounting for an increasing portion of the global toll
Hurricane Milton South & Central China Floods
$35B due to the rapid economic growth and urbanization in
$16B
Typhoon Yagi high-risk areas in recent years.
$13B
While losses in smaller economies might appear negligible
on a global scale, they can have a disproportionately
Drought
Earthquake
significant impact on national or regional economies
European Windstorm relative to their total economic output. For example,
Flooding Cyclone Chido hit the small island of Mayotte in December,
Severe Convective Storm causing catastrophic damage that might exceed the entire
Tropical Cyclone
GDP of the island ($3 billion).
Wildfire
Winter Weather The map also does not fully illustrate the disparity between
Other financial and human impacts. Developed countries
generally tend to be better equipped to manage disaster
Data: Aon Catastrophe Insight
consequences and can reduce potential fatalities through
effective preparedness and disaster response strategies.
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 Exhibit 2: Top 10 Global Economic Loss Events in 2024
Date Event Location Deaths Economic Loss Insured Loss Hurricane Helene became the costliest event of the year
(2024 $B) (2024 $B) from an economic loss perspective with an estimated $75
billion in total direct damage. While it impacted Florida as
09/25 - 09/28 Hurricane Helene U.S., Mexico, Cuba 243 75.0 17.5
Natural Disaster Events and Loss Trends

an unusually large and strong Category 4 storm, landfall

10/08 - 10/11 Hurricane Milton U.S., Mexico 35 35.0 20.0 point was in a relatively sparsely populated area and
01/01 Noto Earthquake Japan 489 18.0 1.0 majority of the financial impact was actually incurred
in North Carolina due to widespread and devastating
10/27 - 10/30 Valencia Floods Spain 231 16.1 3.9
floods. Helene ranks among the 15 costliest natural
06/09 - 07/14 South, Central China Floods China 470 15.7 0.4 disasters globally since 1900 on a price-inflated basis
09/01 - 09/09 Typhoon Yagi China, Southeast Asia 816 12.9 0.7 and among the eight costliest tropical cyclones.
At least five other events resulted in economic losses
07/01 - 07/11 Hurricane Beryl U.S., Caribbean, Canada 70 7.7 3.7
of $10 billion and higher, with three events in the Asia
09/12 - 09/16 Central Europe Floods Central Europe 29 7.5 2.1 Pacific region. Only one SCS event was among the top
01/01 - 12/31 Drought United States N/A 7.1 3.5 10 in 2024, and the May 6 – 10 outbreak in the United
States now ranks among the 10 costliest SCS events
05/06 - 05/10 Severe Convective Storm United States 6 6.6 5.2
on record (in 2024 U.S. dollars).
All Other Events ~15,700 166.4 87.0
Totals ~18,100 368 145

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 Exhibit 3: Global Economic Losses from Natural Disasters (2024 $B) Exhibit 4: Global Economic Losses by Peril (2024 $B)
2000 – 2023 Average 2000 – 2023 Median 2024

720
Tropical Cyclone 90 54 145
Natural Disaster Events and Loss Trends

620
Flooding 76 65 84

Severe Convective Storm 41 40 81

466
424 422 410 49 16 20
397 Earthquake
368 360 365 368
347 346
Average 310 311 Drought 40 37 18
299

215 229 227 223 Winter Weather 13 10 11

182
149 143 Wildfire 9 6 6
123 121

European Windstorm 6 5 2

Other 1 0 0
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024

Data: Aon Catastrophe Insight Data: Aon Catastrophe Insight

Global economic losses from natural disasters in 2024 were estimated to reach Tropical cyclone-related losses were estimated to reach at least $145 billion and were
at least $368 billion and exceeded the 21st-century average ($324 billion) and median driven by costly Atlantic hurricanes Helene, Milton, Beryl and Debby, as well as by Typhoon
($329 billion) on a price-inflated basis. They were close to the decadal mean and median Yagi in China and Southeast Asia. While all impacts associated with tropical cyclones are
($360 and $354 billion, respectively). Economic losses emanating solely from weather- bucketed in this category for the purposes of this analysis, hurricane-driven inland flooding
related disasters reached $348 billion, while earthquakes generated losses well below from Helene alone resulted in more than $45 billion of losses, making flood the costliest
average at approximately $20 billion. peril overall.

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 Exhibit 5: Global Economic Losses by Region and Peril (2024 $B)

U.S. EMEA More than a half of all global economic losses occurred
in the United States, followed by Asia Pacific (APAC), Europe,
Natural Disaster Events and Loss Trends

Global the Middle East and Africa (EMEA) and the Americas.

$11B $6B
Tropical Cyclone and SCS perils were responsible for
$18B $218B $51B vast majority of losses in the United States, although a
$20B substantial part of the hurricane-related loss was a result
Tropical Cyclone of inland flood and storm surge.
Severe Convective Storm
$145B Flooding was the dominant peril in EMEA and all its
Flooding
subregions, being responsible for more than $35 billion in
Drought
$368B Winter Weather losses. This was driven by events in Spain, Central Europe,
APAC Americas
Wildfire Germany, United Arab Emirates and elsewhere.
$81B Earthquake
Disaster impacts in North and South America (excluding
Other
the United States) resulted from a diverse mixture of
perils. This was manifested in Canada, where four
$74B $25B
major events associated with four different perils (flood,
wildfire, hurricane remnants and hailstorm) struck the
$84B
country within a month. Economic losses in Asia Pacific
were mainly driven by flooding events in China, the Noto
Earthquake in Japan and Typhoon Yagi in China and
Southeast Asia.

Data: Aon Catastrophe Insight

12
 Exhibit 6: Global Billion-Dollar Economic Loss Events

Number of Events above $1B Number of Events above $10B There were at least 54 global events that resulted in
Americas
69 economic losses above $1 billion in 2024, which was well
10 10
Natural Disaster Events and Loss Trends

APAC 64 9 above the average of 44. Most of these events occurred

EMEA 62
61
8 8 8 8 in the United States (31), the second-highest count for the
7 7 7
U.S.
57
country after 2023 (34). Please note that for the purposes
6 6 6
Average
55
54 5 5 5 5 of this exhibit, all events are only counted once — for
53 53
51 51 4 4 4 example, Hurricane Debby and its remnants resulted in
3 3
billion-dollar losses in both the United States and Canada,
Average 1 1 1 but it is only counted here once, in the Americas bucket.
43 43
41 41
40 40 The increase in the number of billion-dollar-plus events is
37 2000 2004 2008 2012 2016 2020 2024
36 36 largely driven by the SCS peril in the United States and the
32 increasing exposure to this risk.
Number of Events above $20B

27 On the other hand, no historical SCS event has yet resulted

26
in losses above $20 billion. The costliest one so far was
4 4 4 4 4 4 4
21
20
the outbreak that included the Midwest Derecho in 2020,
3 3 3 3 which is currently estimated at $16.5 billion in total losses.
Frequency of the events above the $20 billion threshold
Average 2 2 2 2 since 2000 in mainly driven by tropical cyclone peril (20),
flooding (12) and earthquake (11).
1 1 1 1 1 1

2000 2004 2008 2012 2016 2020 2024 2000 2004 2008 2012 2016 2020 2024

Data: Aon Catastrophe Insight

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 Exhibit 7: Cumulative Global Economic Losses by Peril

Economic Losses (2024 $B) Count of Billion-Dollar Events Cumulatively, tropical cyclone remains the costliest peril
2,296 275
268 of the 21st century, with global price-inflated losses since
Tropical Cyclone
Natural Disaster Events and Loss Trends

2000 currently running at $2.3 trillion. More than $145

Flooding
Earthquake
billion was added in the calendar year of 2024, in what was
Severe Convective Storm 1,901 one of the top five years, yet well below the record losses
Drought 215 of 2017 ($404 billion) and 2005 ($312 billion). The flooding
Winter Weather peril follows with about $1.9 trillion.
Wildfire
European Windstorm Earthquake, SCS and drought perils are now responsible
Other for roughly $1 trillion in global economic losses since
2000. While growth of earthquake losses is driven by rare,
1,200 140 individual catastrophic events, SCS shows accelerating
1,070 increase and strong seasonality. SCS perils now lead in the
969 total number of events above $1 billion in economic losses.

70
59
52

319
232
20
138
17 3

2000 2004 2008 2012 2016 2020 2024 2000 2004 2008 2012 2016 2020 2024

Data: Aon Catastrophe Insight

14
 Global Insured Losses Exceed $145 Billion
in the Sixth-Costliest Year on Record

Exhibit 8: Notable 2024 Insured Loss Events

Global insured losses from natural disasters in 2024 are

estimated at $145 billion, well above the short-, medium-
Natural Disaster Events and Loss Trends

and long-term averages. This total is expected to evolve

into 2025 due to additional loss development.
Approximately 40 percent of global economic losses
U.S. SCS Outbreaks were thus covered by private or public insurance, which
Boris Floods
$54B total
Valencia Floods
$2.1B constitutes a relatively low global protection gap of 60
$3.9B Southern Germany Floods percent. A notable portion of industry losses was related
$2.2B
Hurricane Helene Middle East Floods to insurance schemes with participation of national
$17.5B $2.5B governments and public funding, such as the National
Hurricane Milton
$20B Flood Insurance Program (NFIP) in the United States, or
the Insurance Compensation Consortium in Spain.
Global losses were almost entirely driven by severe
convective storms, tropical cyclones and flooding, while all
Drought other perils generated annual losses below their respective
Earthquake long-term averages. For the seventh consecutive year,
European Windstorm secondary perils outpaced those described as primary,
Flooding
mainly due to another calendar year characterized by
Severe Convective Storm Brazil Floods
Tropical Cyclone $1.4B relentless SCS activity in the United States and nearly
Wildfire record-breaking number of billion-dollar events.
Winter Weather
To read more about available reinsurance capital,
please read Aon’s Reinsurance Market Dynamics Report.
Data: Aon Catastrophe Insight

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 Exhibit 9: Top 10 Global Insured Loss Events in 2024
Date Event Location Deaths Economic Loss Insured Loss The highest individual event-level losses for the global
(2024 $B) (2024 $B) (re)insurance industry were caused by two Atlantic
hurricanes, Milton and Helene. Together, they were
10/08 – 10/11 Hurricane Milton U.S., Mexico 35 35.0 20.0
Natural Disaster Events and Loss Trends

responsible for approximately $37.5 billion in losses to

09/25 – 09/28 Hurricane Helene U.S., Mexico, Cuba 243 75.0 17.5 private and public entities, including the National Flood
05/06 – 05/10 Severe Convective Storm United States 6 6.6 5.2 Insurance Program (NFIP). This total might further evolve
in 2025 with additional loss development.
03/12 – 03/16 Severe Convective Storm United States 3 6.0 4.8
Four SCS events ranked among the top 10 costliest
10/27 – 10/30 Valencia Floods Spain 231 16.1 3.9
disasters in 2024 — in contrast, there were seven such
05/17 – 05/22 Severe Convective Storm United States 5 4.9 3.9 events in 2023, the year without occurrence of any
$10-billion events and dominated by secondary perils.
08/03 – 08/11 Hurricane Debby U.S., Canada 6 6.2 3.9
The May 6-10 and March 12-16 outbreaks in the United
07/01 – 07/11 Hurricane Beryl U.S., Caribbean, Canada 70 7.7 3.7
States also rank among the top 10 costliest SCS events
05/25 – 05/26 Severe Convective Storm United States 26 4.5 3.6 in the global historical record, after adjustment for
01/01 - 12/31 U.S. Drought United States N/A 7.1 3.5 price inflation (not for exposure growth). In contrast to
hurricane and flooding disasters, SCS events exhibit
All Other Events ~17,500 198.9 75.1
lower protection gap.
Totals ~18,100 368 145

16
 Exhibit 10: Global Insured Losses from Natural Disasters (2024 $B) Exhibit 11: Global Insured Losses by Peril (2024 $B)
2000 - 2023 Average 2000 - 2023 Median 2024

198 198
Severe Convective Storm 27 25 62
Natural Disaster Events and Loss Trends

171
157 155 Tropical Cyclone 30 8 48
145
Flooding 12 11 21
129 127 126

107 Winter Weather 5 3 4

Average 96
83 88 Drought 6 4 4
82 78
75
62 Wildfire 4 2 3
56
51 49
43 European Windstorm 4 3 2
38
29 33
27
Earthquake 6 1 1

Other 0 0 0
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024

Data: Aon Catastrophe Insight Data: Aon Catastrophe Insight

Global insured losses from natural disasters in 2024 reached at least $145 billion and were For the second consecutive year, the SCS peril resulted in the highest aggregated annual
well above the 21st-century average ($94 billion) and median ($83 billion), slightly above the losses. However, its dominance was not as pronounced as in 2023, when it was responsible
average of the period since 2017 ($141 billion). In the historical record, 2024 ranks as the for about 60 percent of total global losses. Tropical cyclone and flooding followed; all other
sixth-costliest year on a price-inflated basis. perils generated global insured losses below their respective long-term averages.

17
 Exhibit 12: Global Insured Losses by Region and Peril in 2024

U.S. EMEA Regional and peril view of losses shows the diversity
of hazards, as well as the maturity and structure of the
Natural Disaster Events and Loss Trends

Global insurance markets in different regions of the world.

$4B $3B
As is typically the case, the United States incurred the
$4B $113B $19B highest portion of the global insured losses. The only
two years since 2000 when the country did not lead the
$21B Severe Convective Storm
statistics was 2007 — when EMEA was first with losses
Tropical Cyclone driven by Windstorm Kyrill and the floods in the United
$61B
Flooding Kingdom — and 2011, with record-breaking losses in Asia
Winter Weather Pacific due to earthquakes in Japan and New Zealand,
$145B Drought
APAC Americas as well as floods in Thailand.
Wildfire
Earthquake The majority of the industry losses in EMEA occurred
Other due to a series of costly flooding events. The peril was
also dominant as a result of relatively lower SCS losses.
$4B $9B These were close to their long-term average since 2000
and lower compared to the previous three years with
$48B
significant outbreaks in 2021 (Central Europe), 2022
(France) and 2023 (Italy).

Data: Aon Catastrophe Insight

18
 Exhibit 13: Global Billion-Dollar Insured Loss Events

Number of Events above $1B Number of Events above $5B There were at least 34 disasters that caused insured
Americas 39 8 losses of $1 billion or higher in 2024, second only to
the record year of 2023 with 39 such occurrences on
Natural Disaster Events and Loss Trends

APAC
EMEA 6 a price-inflated basis.
U.S. 34
5
32
The number of such events in the United States reached
4 4 4
at least 26 and was tied with 2023 as the highest on
3 3 3
Average record. Please note that the exhibit counts Hurricane
2 2 2 2 2 2 2 2
Debby only once, in the Americas.
1 1 1 1 1
The long-term increase can be largely attributed to the
23 23 23
22
2000 2004 2008 2012 2016 2020 2024
rise of the SCS peril as the major driver of aggregated
20 secondary peril loss.
19 19
18
17
Number of Events above $10B After a short break in 2023, the global industry once
Average
4 4 again saw two events that generated total losses in
14 14
13 excess of $10 billion — Hurricanes Helene and Milton.
3 3 3
11 11
10 10
9
8 2 2 2 2 2 2
6 6
Average
4 1 1
3

2000 2004 2008 2012 2016 2020 2024 2000 2004 2008 2012 2016 2020 2024

Data: Aon Catastrophe Insight

19
 Exhibit 14: Cumulative Global Insured Losses by Peril

Insured Losses (2024 $B) Count of Billion-Dollar Events Tropical cyclone and SCS perils lead cumulative losses in
757 195 the 21st century. Together, they generated approximately
Tropical Cyclone
Natural Disaster Events and Loss Trends

711
$1.46 trillion in losses to the insurance industry in 2024,
Severe Convective Storm
Flooding
compared to $932 billion caused by all other natural
Earthquake perils combined. However, it is worth noting that a
Drought substantial part of the tropical cyclone-related losses can
Winter Weather be attributed to storm surge and inland flood subperils.
Wildfire
European Windstorm Historical record shows that the earthquake peril can
generate the largest industry events apart from Atlantic
hurricanes and is traditionally considered to be a primary
peril. However, the last event that caused losses above
$10 billion occurred in 2011 in Japan.
319 SCS peril clearly dominates the count of events that
caused at least $1 billion in insured losses. Their
62 number is currently at least 195, more than the next
five perils combined.
156 44
148 38
120
102
87 22
17

2000 2004 2008 2012 2016 2020 2024 2000 2004 2008 2012 2016 2020 2024

Data: Aon Catastrophe Insight

20
 Exhibit 15: Global Insured Losses from Primary and Secondary Perils (2024 $B)

Primary Perils Secondary Perils Secondary perils now regularly surpass primary perils
in terms of total accumulated annual losses; in fact,
Natural Disaster Events and Loss Trends

150 there were only three years when peak perils surpassed
secondary: 2004, 2005 and 2017. On a cumulative basis,
secondary peril losses since 2000 reached at least $1.39
125 trillion, while tropical cyclones, earthquakes, and European
windstorms (traditionally considered as primary or peak)
generated roughly $990 billion.
100 Addressing the trend of gradually increasing secondary
losses requires innovative risk mitigation strategies
that prioritize resilience to more frequent, smaller-scale
75 disasters, alongside traditional efforts to manage primary
risk perils.
Average What Are Primary and Secondary Perils?
50
The (re)insurance sector has traditionally categorized
Average
perils into primary and secondary types, even though
their clear definition is not established. Primary perils have
25 the potential for substantial individual event losses and
significant societal impact. Earthquakes, tropical cyclones
and European windstorms are considered primary perils for
the purposes of this analysis.
2000 2004 2008 2012 2016 2020 2024 2000 2004 2008 2012 2016 2020 2024
In contrast, secondary perils are characterized by higher
Data: Aon Catastrophe Insight frequency. While secondary perils usually do not cause
the costliest individual events, their cumulative impact can
result in significant overall losses.
21
 Exhibit 16: Protection Gap Since 2000 by Country

While the global protection gap was relatively low in

2024, significant uninsured risks related to various perils
Natural Disaster Events and Loss Trends

and regions remained around the world. Only about

30 percent of global economic losses since 2000 were
covered by private or public insurance. This is driven
by various factors, including relatively low insurance
penetration in low- and middle-income countries,
urbanization and economic development in disaster-
prone areas, climate change affecting behavior of global
hazard patterns, as well as the remaining problem of
underinsurance in many high-income countries
(e.g., for flood).
Regional disparities remain, with the gap being most
pronounced in general in parts of Africa, Asia and
Latin America, as shown in Exhibit 16. These are
also the regions most affected by reporting bias and
< 50%
other uncertainties.
50 - 75% Closing the protection gap remains a systemic
75 - 95%
challenge, as well as an opportunity for national
95 - 99%
governments, communities and the (re)insurance sector.
> 99%
The collaboration between various stakeholders will be
crucial in developing public-private partnerships and
Data: Aon Catastrophe Insight
innovative insurance products in order to ensure
a sustainable way of closing the gap.

22
 Global Fatalities Among the Lowest in 30 Years

Exhibit 17: Notable 2024 Fatality Events

At least 18,100 people tragically lost their lives due to

natural catastrophes globally in 2024. This is far below
Natural Disaster Events and Loss Trends

both the 21st-century average (72,400) and median

(38,900). It’s also lower than the death toll in 2023
(95,500), which was driven by the devastating earthquake
in Turkey and Syria.
Only three events claimed more than 1,000 lives,
Southeast Europe Heatwave
Noto Earthquake all attributed to extreme heat:
1,900
489
● A mid-July heatwave caused about 1,900 deaths
in Italy and Greece
Fatalities Chad Floods
Typhoon Yagi
576 A prolonged extreme heat in Southeast Asia
5 816 ●

500 Southeast Asia Heatwave claimed at least 1,571 victims in April and May
1,000 1,571
2,000
● Extreme heat during a pilgrimage event in Saudi
East Africa Floods Arabia in June claimed another 1,300
Earthquake 576

European Windstorm The top 10 events account for almost 50 percent of the
Flooding casualties in 2024, adding up to at least 18,100 lives.
Severe Convective Storm
Tropical Cyclone
Wildfire
Winter Weather
Other

Data: Aon Catastrophe Insight

23
 Exhibit 18: Top 10 Human Fatality Events in 2024
Date Event Location Deaths Economic Loss
(2024 $B) The 2024 fatality figures are consistent with the overall
long-term decline in the number of casualties and echo
07/10 – 07/20 Southeastern Europe Heatwave Italy, Greece 1,900 N/A
Natural Disaster Events and Loss Trends

improvements in early warnings, weather prediction,

04/20 – 05/05 Southeastern Asia April/May Heatwave Southeastern Asia 1,571 N/A crisis management and disaster preparedness.
06/01 – 06/20 Pilgrimage Extreme Heat Saudi Arabia 1,300 N/A While this is a positive development, continued
improvements are still needed, even in countries
09/01 – 09/09 Typhoon Yagi China, Southeast Asia 816 12.9 that are better positioned to deal with disasters due
03/01 – 06/30 India Heatwaves India 733 N/A to their economic development level, functioning
governmental institutions and historical experience
04/18 – 10/31 Maricopa Heatwaves Arizona 657 N/A
with catastrophic events. An example of an event
03/20 – 04/30 East Africa Seasonal Floods East Africa 576 0.1 that highlighted the need for improvement in the
08/01 – 09/30 Chad Seasonal Floods Chad 576 N/A developed world was the flooding in Valencian region
in Spain, which resulted in 231 fatalities.
06/20 – 06/30 Karachi Heatwave Pakistan 568 N/A
01/01 Noto Earthquake Japan 489 18.0
All Other Events ~8,900 337.0
TOTALS ~18,100 368

24
 Exhibit 19: Global Natural Disaster Fatalities (thousands) Exhibit 20: Cumulative Global Fatalities by Peril (thousands)
Earthquake 757
Other
260 255 Tropical Cyclone
245
Flooding
Natural Disaster Events and Loss Trends

Winter Weather
540
Drought
Severe Convective Storm
Wildfire

129 European Windstorm

123

96
211
Average 186
62
55
45 44 40 44
32 34 37 36
28 28 32
23 22 22 25 23
18

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024

Data: Aon Catastrophe Insight Data: Aon Catastrophe Insight

In 2024, global fatalities were significantly lower than the average of the 21st century, The cumulative death toll from earthquakes, which currently runs at more than 757,000
marking the fewest casualties since 1992, when 17,600 deaths were recorded. since 2000, is driven by a small number of catastrophic events. On the other hand,
This reduction can be attributed to improved disaster preparedness and the heatwaves emerged as the second most significant cause of death due to a steady
absence of a major earthquake, as large earthquake events typically rank among annual increase.
the deadliest catastrophes.

25
Regional Catastrophe
Review
We highlight key natural disaster activity in each region to explore the drivers of economic and insured losses
 United States

Hurricane Helene Economic Losses (2024 $B)

Deadliest mainland U.S. hurricane 89
Median
since Hurricane Katrina (2005) Average 109
$75B economic loss 2024 218
$17.5B insured loss
243 fatalities

Severe Convective Storms Insured Losses (2024 $B)

Hurricane Milton
Second-highest insured loss total
Fifth-strongest hurricane in
Regional Catastrophe Review

Median 45
on record driven by 17 billion-dollar
the Atlantic basin on record Average 58
insured loss events
$35B economic loss 2024 113
$69B economic loss
$20B insured loss
$54B insured loss

Agriculture Losses
Large crop insurance payments
due to drought, flooding, and SCS
$6.7B in total

59% 78% 52%

of global of global of losses covered
economic losses insured losses by insurance

1,800+ 30.78 in/782 mm

preliminary tornado local storm reports from the highest storm total rainfall from Hurricane Helene
Storm Prediction Center in 2024, the most since 2011 measured in Busick, North Carolina

91 897 mb
weather stations setting all-time record low lowest central pressure measured during Hurricane
temperatures during mid-January arctic outbreak Milton, the fifth-lowest ever in the Atlantic Basin
27
 U.S. Economic and Insured Losses Far Exceed Average Despite substantial losses, Helene and Milton had While much of SCS-related losses were attributable
little impact on the January 1 renewals. to hail, tornado-related impacts were also exceptional.
In the United States, economic losses from natural
disasters in 2024 remarkably exceeded $200 billion Hyperactivity across the North Atlantic basin gave Over 1,800 preliminary tornado reports were submitted
for just the third time since 2000 and reached $218 way to additional, but lesser, tropical cyclone-related to the Storm Prediction Center in 2024, the most
billion, double the average ($109 billion) across the same impacts in the United States. Hurricane Beryl, the since 2011. This encompassed multiple, large tornado
period. Of this loss, roughly half was covered by public earliest Category 5 storm on record in the Atlantic, outbreaks, including eight separate days with over 50
and private insurers as total insured losses reached $113 and its remnants caused $7 billion and $3.5 billion in preliminary tornado reports. Straight-line wind impacts
Regional Catastrophe Review

billion. This total also greatly exceeded the average economic and insured losses, respectively. The weary were also significant as at least five derechos occurred
($58 billion) and median ($45 billion) insured loss figures southeast, as well as the northeast U.S., experienced across the central U.S., causing notable damage in cities
across the 21st century. another billion-dollar event due to Hurricane Debby’s such as Houston and Chicago.
torrential rainfall in August. Notable Payouts for Crop Loss, Winter Weather
Hurricanes Helene and Milton Dominate U.S. Losses
High SCS Activity Translates to Large Losses and Wildfires
Two tropical cyclones in 2024 were responsible for a
large portion of all economic and insured losses in the Similar to recent years, severe convective storms in Aggregated effects of extreme weather, especially
United States. The first storm, Hurricane Helene, caused 2024 made up a large share of this year’s aggregated drought and flooding, resulted in nearly $6.7 billion
catastrophic damage across the southeast U.S. and losses. For the second consecutive year and second in crop insurance payouts, as well as $13 billion in
became the deadliest natural disaster in the mainland time on record, SCS-related insured losses crossed economic losses. These figures are notably lower
U.S. since Hurricane Katrina (2005). Roughly $75 billion the $50 billion mark. With $54 billion and $69 billion in compared to 2023, but still well above the average
in economic losses and $17.5 billion in insured losses insured and economic losses, respectively, as well as of the 21st century.
were incurred, representing some of the highest tropical 17 SCS-related billion-dollar disasters; all three figures Other notable events across the U.S. in 2024 include
cyclone-related losses on record for the U.S. mainland. recorded in 2024 remain only behind those set in 2023. multiple winter weather events in January. Ice storms
The second storm, Hurricane Milton, narrowly avoided a May was an exceptionally busy month for severe in the Pacific Northwest and a major cold snap over the
much greater catastrophe for western Florida by tracking weather, accounting for half of the top 10 costliest SCS central U.S. caused over $3 billion in insured losses and
just south of Tampa Bay. Nevertheless, impacts from events in 2024. Early May also featured the costliest over 90 fatalities. Additionally, an active wildfire season
flooding, storm surge, wind, and even several strong severe weather outbreak of the year, with roughly did not translate to above-average wildfire-related
tornadoes generated approximately $35 billion $6.6 billion in economic losses across the Great Plains, losses. However, the largest wildfire event of the year,
in economic losses and $20 billion in insured losses. Midwest and Southeast. the South Fork and Salt Fire complex, did generate over
a billion dollars in damages in New Mexico.

28
 Americas (non-U.S.)

Costliest Year on Record in Canada Hurricane Beryl Economic Losses (2024 $B)
Four major events within one month Earliest-forming Category 5
Median 28
Annual insured losses of CAD 8.5B/$6.3B hurricane on record
Average 37
Devastating impact in 2024 25
Brazil Floods the Caribbean
Widespread flooding in Rio Grande do Sul
Insured losses of $1.4B
Costliest event on record Insured Losses (2024 $B)

Chile Wildfires Median 3.9

Regional Catastrophe Review

Significant outbreak in February Average 6.4

2024 8.9
Thousands of structures damaged
131 fatalities

7% 6% 36%
of global of global of losses covered
economic losses insured losses by insurance

July 2 4
earliest date of Category 5 hurricane forming within billion-dollar economic loss events occurring
the Atlantic Basin, set by Hurricane Beryl across Canada in July – August of 2024

5.31 m/17.4 ft 15,200 ha/37,600 ac

Guaíba Lake water level during floods in Porto Allegre, burned by wildfires in Chilean Valparaiso region,
Brazil, breaking the previous record of 4.76m from 1941 almost double the long-term average
29
 Overview Among other notable Atlantic systems were Tropical Earthquake Activity Was Limited
Storm Alberto, which affected northeastern Mexico, One of the few major earthquakes in the region in
Economic losses from natural disasters in the Americas
Hurricane Ernesto, which caused moderate damage in 2024 was the event that struck southeastern Cuba on
(excluding the U.S.) reached at least $25 billion, below
Puerto Rico and on Virgin Islands, and hurricanes Oscar November 10 and damaged thousands of structures.
the long-term average. Insured losses for the region
and Rafael, which both made Coupled with the impact of Hurricane Oscar less than
were well above average and reached approximately
landfall in Cuba. a month earlier and the overall economic situation
$9 billion, being driven primarily by events in Canada.
The most significant storm of the 2024 Pacific Hurricane in the country, the event also had a notable
Canadian Insurers Face Costliest Year on Record
Regional Catastrophe Review

season was Hurricane John, which impacted Mexico humanitarian impact.

The year 2024 was historic for the national in September one year after the devastating impact of
(re)insurance sector in Canada. In July and August, Hurricane Otis. It largely affected different parts of the
four major events occurred within a month’s time and state of Guerrero and the total economic impact was
these alone resulted in insured losses of approximately much lower than last year.
CAD 7.7 billion ($5.6 billion), significantly affecting
Brazil Floods
the industry. These included the flooding in southern
Ontario (including Greater Toronto Area), the Jasper In 2024, South America experienced several significant
Fire in British Columbia, flooding in Quebec (including flooding events, with the catastrophic floods in Rio
Montreal) from remnants of Hurricane Debby, and the Grande do Sul in Brazil standing out as the most
Calgary Hailstorm on August 5. devastating. The record rainfall in April caused
widespread damage and dam collapses, resulting in
Hurricane Season
over 80,000 displaced residents, at least 182 people
Before impacting the United States, Hurricane Beryl killed, and an estimated $1.4 billion in insured losses.
caused devastation across multiple Caribbean islands
Continued Drought and Wildfire Risk in South America
and in Mexico. It was the earliest-forming Category 5
hurricane on record and made its first landfall on the Drought risk persisted across South America in 2024.
island of Carriacou in Grenada on July 1 as a Chile also experienced a devastating outbreak of
Category 4 storm. wildfires in early February, which damaged thousands
of structures and killed 131 people.

30
 EMEA (Europe, Middle East and Africa)

European Floods Economic Losses (2024 $B)

Major events in Germany, Central Europe and Spain
Median 63
$31B in economic and $10B in insured losses 52
Average
307 fatalities
2024 51

Persian Gulf Floods

Dubai particularly affected
$2.5B insured loss Insured Losses (2024 $B)
Cyclone Chido Median 13
Regional Catastrophe Review

Widespread destruction in Mayotte and Mozambique Average 14

$675M insured loss 2024 19

African Seasonal Floods

Eastern and Central Africa particularly hit
fourth-highest death toll on record, with almost 2,500 fatalities

14% 13% 37%

of global of global of losses covered
economic losses insured losses by insurance

4 385.6 mm/15.2 in
billion-dollar insured loss flood events in EMEA, daily rainfall recorded in the Czech Republic during
the highest count on record the September floods, setting all-time national record

180 kph/112 mph 184.6 mm/7.3 in

sustained winds generated by Cyclone Chido during hourly rainfall measured in Valencia Province,
landfall in Mayotte; became the most powerful marking all-time national record for Spain
31 system to impact the island
 Economic Losses in EMEA Close to the However, while the resulting insured loss (in excess of Mayotte Was Devastated by Cyclone Chido
Long-Term Average $2 billion) was significant for the regional (re)insurance
Chido, a powerful cyclone, resulted in widespread
industry, improvements in water management, warning
Total economic losses from natural disasters in the destruction and loss of life in Mayotte, a French overseas
systems and forecasts implemented after the previous
EMEA region exceeded $50 billion and were close to department in December and generated insurance loss
events significantly helped to reduce the overall
the average and median of the 21st century. Insurers estimated at more than €650 million ($675 million). The
impact and loss of life.
covered approximately $19 billion of that loss, which storm later continued to impact Mozambique.
was well above the long-term mean. These totals In October, Spain experienced what is currently
Regional Catastrophe Review

Severe Convective Storm Losses Below Average After

present a notable decrease compared to 2023, considered one of the worst natural disasters in
Three Costly Years
which was affected by the devastating earthquake its modern history. Catastrophic floods impacted
in Turkey and Syria. the Valencian region, killed 231 people and caused The period between 2021 and 2023 brought record-
substantial property and motor damage, with losses breaking SCS losses to European insurers. In 2024,
Flooding Was the Dominant Driver of Loss
to the insurance consortium currently estimated at aggregated annual losses were lower, and the costliest
Loss statistics in the EMEA region for 2024 are €3.5 billion ($3.7 billion). event, which was associated with a low-pressure system
characterized by the dominance of the flooding peril. named Frieda, occurred in mid-July with an estimated
Europe also saw significant flooding events in May
It resulted in at least $36 billion in economic and $12 insurance loss of €1.0 billion ($1.1 billion).
in Saarland, Germany in May, in the Emilia-Romagna
billion in insured losses. There were three European
region of Italy in September and in Southern France Windstorm Activity Was Limited to Smaller Events
events that stood out. The first was the extensive
in October. In 2024, Europe did not see a windstorm event that
flooding in southern Germany in early June, with
economic damage of €4.1 billion ($4.5 billion) and Historic Flood Event Surprised the (Re)Insurance would cause industry losses above $500 million,
estimated insurance impact of €2.0 billion ($2.2 billion). Sector in the United Arab Emirates and the activity was largely limited to relatively minor
and moderate events.
The Central European Floods in September impacted The Persian Gulf region experienced a significant
parts of the Czech Republic, Poland, Austria, Slovakia flooding event in April, with particularly notable
and Romania. The driving meteorological situation damage reported from Dubai. The local insurance
and subsequent hydrological response prompted industry was expected to incur a notable loss in
comparisons with other historic events, such as 1997, excess of $2.5 billion.
2002 or 2010.

32
 APAC (Asia and Pacific)

Noto Earthquake Economic Losses (2024 $B)

$18B economic loss 97
Median
$1B insured loss Average 126
489 fatalities 2024 74

Typhoon Gaemi
Category 4 event causing $1.3B economic loss and killing
100+ people Insured Losses (2024 $B)
Seasonal Floods Median 16
Regional Catastrophe Review

Multiple flooding events between May and September Average 10

India and China particularly affected 2024 4

$25B economic loss

Typhoon Yagi
Six countries affected
The costliest event in Vietnam on record and the deadliest
non heat-related event (800+ fatalities)

20% 3% 5%
of global of global of losses covered
economic losses insured losses by insurance

5 260 kph/160 mph

tropical storms and typhoons that made landfall one minute of sustained wind from Typhoon Yagi
on Luzon Island, Philippines in just 30 days halfway between the Philippines and Hainan

7.6 584 mm/23 in

magnitude of the January 1 earthquake in Japan, record-breaking rainfall in Shaoguan, Guangdong
the largest to strike since the 2011 Tohoku earthquake province (China)
33
 Losses in Asia Pacific Were Lower Than Average with a While it rapidly weakened, it brought devastating wind Subdued Catastrophe Activity in Australia and
Significant Protection Gap and flood-related impacts to parts of Vietnam, Laos, New Zealand
Thailand and Myanmar and underscored the urgent need
Catastrophe activity in the Asia Pacific region in 2024 For the first time since 1982, no catastrophe was
for improved disaster preparedness and climate-resilient
was below average compared to historical record in declared by the Insurance Council of Australia (ICA)
infrastructure in the region.
terms of both economic and insured losses. Total direct during the calendar year of 2024 (although he Christmas
damages were estimated to reach at least $74 billion, Among other notable storms were Typhoon Gaemi, Storms in late 2023 lasted into early January 2024).
while insurance only covered approximately $4 billion. which affected China, Taiwan and the Philippines in There were two “significant events” in February and
Regional Catastrophe Review

The main driver of economic losses was flooding, with July, as well as Cyclone Remal, which struck India and April, which did not meet the ICA’s criteria for a CAT
a significant contribution of seasonal floods in China. Bangladesh in late May. event, such as a sufficient increase in claim numbers
A large portion of the losses was also attributed to Seasonal Flooding Kills Hundreds in South Asia or complexity. Insured losses in Australia were thus the
two major events: the Noto earthquake in Japan and lowest since 2004.
Typhoon Yagi in China and Southeast Asia. Parts of Asia were affected by seasonal rainfall.
Widespread flooding occurred in India between late Similarly, New Zealand has not registered any
Typhoon Yagi Becomes the Costliest Disaster for Vietnam May and September, affecting millions and killing significant disaster in 2024 in a stark contrast to 2023,
Multiple significant tropical systems affected the region, at least 700 people. In August, widespread floods which was characterized by record weather-related
with the Philippines facing six devastating storms in intensified in eastern Bangladesh and Tripura state financial impacts.
quick succession, three of which were categorized as in India. Limited Major Earthquake Activity
super typhoons. Storms Trami, Kong-Rey, Yinxing, Nepal was heavily impacted in late September, as heavy The region registered several notable earthquakes, with
Toraji, Usagi and Man-Yi hit the country between late rainfall resulted in widespread floods and landslides. the costliest on the very first day of the year in Japan
October and mid-November, bringing torrential rains Exacerbated by poor infrastructure and urban planning, and resulted in approximately $18 billion in economic
and subsequent flooding and landslides, overwhelming the event resulted in more than 300 deaths, economic losses. Eastern coast of Taiwan was struck by a strong,
communities and disaster response systems. losses of $340 million and insurance claims totaling 7.2-magnitude tremor in April. Despite its intensity, it hit
The most consequential typhoon was Yagi. After $94 million. a less densely populated area near Hualien and resulted
devastating the Philippines and causing at least 21 Parts of China have suffered from several rounds of in moderate infrastructural and property damage and
deaths, it intensified into a Category 5-equivalent widespread flooding, with annual losses from flooding several injuries. Another 7.3-magnitude event hit the
super typhoon over the South China Sea, wreaked reaching at least $24 billion and only a small percentage island nation of Vanuatu in December and resulted in
havoc in China’s Hainan province and made landfall covered by insurance. 14 deaths and notable property damage.
in northern Vietnam.

34
What We Learned
We examine the important issues highlighted by 2024’s catastrophe events,
including the impact of socioeconomic and demographic factors
 Atlantic Hurricanes Highlight Underinsurance
and the Importance of Adaptation

Exhibit 21: Rainfall Associated with Hurricane Helene

Rainfall Before Landfall (Sep 24 03:00 – Sep 27, 03:00 UTC) Rainfall After Landfall (Sep 27, 03:00 – Sep 28 03:00 UTC) Hurricane Helene Results in Devastating Inland and
Coastal Flooding
Across the active 2024 Atlantic hurricane season, Hurricane
Helene stands out as the most destructive storm to impact
the United States. Helene is the third-deadliest U.S. hurricane
(by states and territories) in the 21st century after causing 243
What We Learned

fatalities, behind only Katrina (2005) and Maria (2017). The

Asheville, NC Asheville, NC storm’s massive size and fast forward speed caused devastation
Predecessor Rainfall
Event (PRE) far inland across the Southeast U.S., with economic losses
reaching $75 billion.
Additional Rainfall
After Landfall
One of the defining features of this event was the abundant
rainfall seen over Southern Appalachia well ahead of Helene’s
landfall in Florida. As Helene traversed the eastern Gulf of
Mexico, the storm became wedged between a high-pressure
system over the western Atlantic Ocean and a low-pressure area
Helene Makes Landfall
Sep 27 03:10 UTC
to its northwest. Due to the orientation of Helene’s surface winds
between these two systems, a large channel of tropical moisture
Rainfall (inch) surged across the Southeast U.S. Once inland, this moisture was
2-5 lifted into the atmosphere due to a
5-8
pre-existing frontal boundary and the mountainous terrain
8 - 11
of the Appalachians, resulting in continuous, heavy rainfall.
11+
This lesser-known, but occasionally high-impact, scenario is
Data: NOAA
known as a predecessor rainfall event (PRE). Over 10 inches
(254 mm) of rain was seen across Southern Appalachia as a
result of this PRE in the days prior to Helene’s landfall, leading to
over-saturated soils heavily susceptible to flash flooding.
36
 Exhibit 22: North Carolina Damage and Needs Assessment for Exhibit 23: NFIP Policies in Force in Florida and North Carolina
Helene (2024 $B)
Category Direct Indirect/Induced Strengthening Total Florida North Carolina
Damage Damage and Mitigation 1.80M Ian Idalia Helene 145K Helene

Economy 9.8 5.6 0.4 15.8

Housing 13.5 - 1.9 15.4 140K
1.75M

Utilities and Natural Resources 5.3 - 1.7 7.0

What We Learned

Transportation 9.0 0.1 1.3 10.4

1.70M 135K

Agriculture 3.9 0.8 0.2 4.9

Other Sectors 2.9 3.0 0.3 6.2
130K
1.65M
Total 44.4 9.5 5.8 59.7
Jul 20 Jul 21 Jul 22 Jul 23 Jul 24 Jul 20 Jul 21 Jul 22 Jul 23 Jul 24
Data provided by the Office of State Budget and Management as of December 13, 2024

Data: FEMA

Unfortunately, Helene then moved directly across Southern Appalachia and brought its A compounding issue for counties hardest hit by Helene’s flooding is very low
core of intense rain to this already-drenched region. This produced historic rain totals, and public and private flood insurance take-up rates, creating a large insurance gap.
parts of western North Carolina even experienced a one-in-1000 rainfall event. Catastrophic For example, less than 2 percent of all residential structures are typically covered
flooding damage ensued in western North Carolina, with severe flooding damage also under the National Flood Insurance Program (NFIP) in western North Carolina and
seen in South Carolina, Tennessee, Georgia and Virginia. Entire towns and large sections their number had been decreasing before Helene hit. Given that many studies
of roads were washed away, creating an unparalleled disaster for the affected area. indicate an increase in extreme tropical-cyclone-related rain events under a warming
According to North Carolina’s Office of State Budget and Management, Helene generated climate (1; 2; 3), flood protection measures should be heavily considered in vulnerable
nearly $60 billion in damage and losses across the state, including nearly $45 billion in regions, especially those exhibiting underinsurance such as southern Appalachia.
direct damage (see Exhibit 22). Financial incentives, such as FEMA’s Increased Cost of Compliance program, will be
needed to help communities adopt such protection measures.

37
 Exhibit 24: Power Outages from Hurricanes Milton and Ian

Maximum Percentage of Customers Without Power Hurricane Milton’s Impact Underscores the Importance
Hurricane Milton (2024) Hurricane Ian (2022) of Resilient Building Practices in High-Risk Areas
Aside from catastrophic flooding and wind damage in
the southeast U.S., Helene also generated significant
storm surge damage across western Florida, including
around Tampa Bay. Unfortunately, less than two weeks
What We Learned

< 20% later, this same area was directly hit by Hurricane Milton,
20 - 40% More Widespread
Less Severe a Category 3 storm.
40 - 60%
Power Outages
60 - 80% Concentrated Damage Compared to previous major landfalling hurricanes in
Near Landfall Area
80 - 90%
Total Power Outages
Florida, Milton was unique for a number of reasons.
> 90%
Interactions with a pre-existing frontal boundary near
landfall resulted in a dual-wind maxima north and south of
Lee County
Milton’s eyewall, a feature that differs from the traditional,
Total Number of Power Outages cyclonic wind fields seen in stronger hurricanes.
4 3.4M Additionally, Milton produced the most prolific tornado
2.7M outbreak to date across the Florida Peninsula with 46
3
twisters. This included three EF-3 tornadoes, a feat rarely
2 Number of Outages due to Milton seen with tropical cyclone-induced tornado outbreaks.
Higher but of Shorter Duration Outages from Ian
Persisted for Weeks, Fortunately, Western Florida was spared from a much
1 Particularly in Lee County
larger catastrophe overall. Milton not only weakened
just before landfall, but it also tracked south of Tampa
-2 0 2 4 6 8 10 12 14 16 18 20
Milton Ian Days Since Landfall Bay, preventing storm surge from severely impacting the
Data: Florida Public Service Comission
densely populated Tampa metro region. Furthermore,
Florida’s strict building codes proved largely effective in
withstanding Milton’s strong wind gusts, demonstrating
the benefits of adequate resiliency investment.
38
 Exhibit 25: Examining Hurricane Damage in Manatee County, Florida Exhibit 26: Examining Hurricane Damage in Pinellas County, Florida
What We Learned

In response to the impacts from Helene and Milton, members from Aon’s Impact Forecasting A common theme mentioned among residents was the extent of storm surge damage
and Catastrophe Management teams conducted a damage survey in West-Central Florida observed from Helene, particularly those residing within the nearby barrier islands. Many
in November 2024. Ground-truth observations and discussions with local residents homes in these areas appeared largely intact despite clear evidence of substantial material
provided valuable insights into damage patterns seen across Pinellas, Manatee and losses, potentially due to wind-driven or flood-driven debris causing water infiltration.
Sarasota counties.
However, this was not the case for a number of elevated homes, which exhibited less
Overall, the most extensive damage seen in these affected counties was limited to older material loss. Furthermore, the quick turnaround between Helene and Milton likely
risks, including most wind-related damages appearing on older structures with presumably complicated not only claims adjustments in West-Central Florida, but also overall loss
older building codes. However, aged structures containing visible opening protections, such estimates assigned to each event.
as window shutters, generally performed well.

39
 Global Flood Events Revealed Contrasts in Preparedness Level

Exhibit 27: Billion-Dollar Insured Loss Flood Events in 2024 Exhibit 28: Global Billion-Dollar Insured Loss Flood Events

Americas
APAC 5

EMEA
USA
4 4
Central Europe
Southern Germany
Valencia, Spain 3 3 3 3 3
What We Learned

UAE
2 2 2 2 2

1 1 1 1 1 1

Southern Brazil

2000 2004 2008 2012 2016 2020 2024

Data: Aon Catastrophe Insight Data: Aon Catastrophe Insight

The year 2024 saw impactful flooding events, which affected various regions across the In 2024, at least five events surpassed the billion-dollar insured loss mark, the highest
world. From a global loss perspective, flooding resulted in total economic losses of at least number on record globally. This was driven by events across the EMEA region, including
$84 billion that were 11 percent above the 21st-century average. However, global insured costly flooding in the Persian Gulf in April, Southern Germany in early June, Central Europe
losses from flooding were estimated at $21 billion and exceeded the 21st-century average in September, and Spain in October. Another billion-dollar event occurred in Brazil’s state of
by 69 percent on a price-inflated basis, marking the seventh consecutive year with total Rio Grande do Sul in April and May. These and other notable floods during the year revealed
insured losses from flood above the $10 billion threshold. The relatively low protection gap different socio-economic aspects that play a role in overall impact. These include limits
can be attributed to the fact that in 2024, significant floods repeatedly impacted regions in preparedness and adaptation to the flood risk, insufficiency of flood warning systems
with relatively higher insurance penetration. and evacuation planning, inadequate governmental response and insufficient or even non-
existent insurance coverage.

40
 Exhibit 29: Flood-Related Fatalities and Losses in Europe Since 2000

Number of Fatalities Economic Losses (2024 $B) Contrasting Outcomes of European Flood Events
57
374 Although flood risk management in Europe has steadily
improved, events in 2024 showed that catastrophic
high-magnitude floods with significant loss of lives and
32 31 property damage continue to occur. The 231 fatalities
307 29
25 in Spain contributed to the highest flood-related death
What We Learned

24
21
16 toll in Europe since 2002. The failure of the early
13 13 13 14
8
10
8 warning system, delays and inefficiencies in emergency
7 6 7 8 8
5 4
242 4 4
1
response and evacuation procedures, rapid urbanization
220 without adequate planning for flood management,
2000 2004 2008 2012 2016 2020 2024
poorly maintained and insufficient infrastructure (dams,
192
levees, drainage systems), were among the factors that
Insured Losses (2024 $B)
contributed to the severity of this flood event.
145 146
139 18 In contrast, widespread floods that affected several
111 Central European countries in mid-September
91 demonstrated how preparation, the implementation of
11
72 75
68
10 flood warning systems, and subsequent evacuations well
62 64
55 7 7 in advance can save lives and mitigate damage. In this
45 44 45 50 5 5
38 5
4
case, adaptation, investments in flood defenses, public
4 3 3
17 22
3 3
17
12 2 2
2 2 3 awareness and effective weather forecasts helped avoid
1 1 2
0 1 0
more casualties and billions in damage (4).
2000 2004 2008 2012 2016 2020 2024 2000 2004 2008 2012 2016 2020 2024
Despite the improvements, multiple notable flood events
Data: Aon Catastrophe Insight in 2024 drove the annual flood-related economic losses
in Europe above $30 billion, marking the third-highest
total on record.

41
 Flood Underinsurance as a Global Challenge Heavy Rainfall a Threat to Urban Areas Persisting Flood Vulnerability
In 2024, the flood protection gap was approximately In 2024, severe urban flooding caused substantial Many regions worldwide are naturally prone to flooding
75 percent, denoting that flood remains an underinsured economic losses and property damage, business and still lack adequate drainage systems, flood defenses
peril, as many property owners lack adequate insurance interruptions and costly repairs to infrastructure in and water management infrastructure. Several of these
coverage. Despite the availability of flood insurance cities worldwide. Notable urban floods affected multiple areas were significantly impacted by floods in 2024,
policies, there can often be a lack of awareness or countries in the Persian Gulf in April, populous cities in resulting in hundreds of fatalities and extensive material
understanding of the risks. Additionally, the high cost of Southeast China, or Montreal and Toronto in August. damage. Notable flooding occurred in the Brazilian
flood insurance can be a deterrent for many, particularly These events underscore the need for discussion about state of Rio Grande do Sul in April and May, as well as in
in high-risk areas. how to reduce impacts of flooding in high-exposure Nepal’s capital Kathmandu in September. High numbers
What We Learned

areas. This debate becomes more relevant since of flood-related deaths were reported across South Asia.
The high flood protection gap indicates a global need
such events are expected to occur more frequently Approximately 2,500 people died in Africa, making it the
to elevate the conversation around flood protection
in the future with climate change and continued fourth-deadliest year on record.
measures and the need for collaboration across the
exposure growth.
public and private sectors to promote flood insurance Failure of Infrastructure
adoption. While flood insurance take-up generally Addressing these challenges requires comprehensive
In April, Southern Russia and Kazakhstan faced severe
tends to be lower, even in developed regions such as urban planning, investment in resilient infrastructure
economic losses due to widespread floods. Heavy rainfall
Europe, other countries exhibit very limited or even non- and effective emergency management strategies.
and rapid snowmelt caused the floods, which were
existent coverage, and the costs have to be covered by Maintenance of sufficient drainage infrastructure might
further exacerbated by dam collapses, highlighting the
population and governments. Insurance penetration may play a major role in urban centers to limit the damage
impact of poorly maintained and outdated infrastructure
vary significantly even among regions within one caused by flash flooding. In some cities, such as New
on the outcomes of weather events.
country, as revealed during the floods in Southern York, Singapore, Tokyo, Copenhagen and Rotterdam,
Germany in June. particular attention has already been paid to the threat of
urban flooding by developing water management systems
The high-magnitude events in recent years prompted
and implementing innovative water retention solutions.
national governments to initiate discussions about the
After the costly flooding in April, the administration in
role of insurance in stabilizing the economy after such
Dubai announced it will spend $8.2 billion to boost its
occurrences and about potential changes to how these
rainwater drainage system by 2033 (5).
events are covered. The discussions might further
escalate with the increasing frequency and severity
of flood events due to climate change.

42
 Population Growth and Urbanization Continue to Drive
Increasing Losses

Exhibit 30: U.S. Population Change by County from 1990 to 2023

The population of the United States has grown

from an estimated 249 million in 1990 to current
341 million, based on the data from the U.S. Census
Decreases in
Wayne (Detroit) the Rust Belt Bureau. The change is not spatially uniform and
-360K since 1990 largely reflects wider economic and social trends.
Some areas even experienced population decline
What We Learned

after an economic downturn, such as the so-called

Rust Belt.
As populations grow in high-risk areas, so does the
exposure to various perils. Rapid development in
Florida is an emblematic example of this trend, as its
population nearly doubled since 1990. Enactment of
ever stricter building codes and adaptation measures
Increase
Urban Sprawl is a necessary consequence in light of the hurricane
of Southeast
Decrease Cities risk that the state faces.

5,000 However, the highest change since 1990 on a county

Maricopa (Phoenix)
500,000
Clark (Las Vegas) Growth in Texas level was recorded in Maricopa County in Arizona,
Rapid Urbanization
1,000,000 +2.5M/+1.6M Significantly
in Hurricane-Prone
which encompasses the city of Phoenix. Since
2,000,000 since 1990 Increasing SCS Risk
Florida 1990, the county’s population grew from 2.1 million
2,500,000 Decreases along
the Mississippi to 4.6 million currently. In the past two years, local
communities suffered from prolonged heatwaves,
Data: U.S. Census Bureau which resulted in significant health impacts.
Expansion of the urbanized area is associated
with the urban heat island phenomenon, which
exacerbates the impacts of temperature extremes
intensified by climate change.
43
 Exhibit 31: Urban Sprawl in Southern United States Between 1990 and 2023

Charlotte Raleigh In the context of natural hazards, it is important to

Atlanta +380 sq mi
+1,445 sq mi
+425 sq mi consider how North American cities grow, as the
176% 214%
126% increase in total population and wealth are not the only
factors that increase financial exposure. It is also the
spatial extent of the urban centers, which extend into
vast, lower-density suburban areas outside of their core.
What We Learned

Notable examples of this urban sprawl phenomenon

can be observed in cities in Southern states — Atlanta,
Dallas-Fort Worth
Houston, Dallas-Fort Worth and others.
+530 sq mi
32% This is particularly relevant for severe convective
storm risk, as it significantly increases the area
potentially impacted by otherwise relatively small-scale
Austin
Orlando phenomena. It has been described in the works by
+345 sq mi
125% +285 sq mi Ashley as a well-known expanding bull’s eye concept (6).
66%
San Antonio
+175 sq mi SCS losses in 2024 were the second-highest on
Houston
40%
+575 sq mi record in both United States and globally. The long-
48% term increase in the sheer volume of loss as well as the
eUrban Areas Sarasota Metro
number of billion-dollar events has made this peril one
+220 sq mi
1990 160% of the major drivers of property and motor insurance
2023
payouts. Population growth, increase in the amount of
fixed assets and overall wealth, as well as price inflation
Data: U.S. Census Bureau are all major factors as has been also noted in a recent
Aon study. Changes in frequency and intensity of the
hazard itself as a result of climate change also plays a
role, with magnitude of this change being a subject of
ongoing research.
44
 Exhibit 32: Expansion of Houston’s Urban Area Compared Exhibit 33: Expansion of Denver’s Urban Area Compared
to May 16 Derecho Footprint to May 30 Hailstorm Footprint
Urban Area Affected by Hail (sq mi)
Urban Area Affected by Wind Gusts (sq mi)
+12%
+30% 131
949 116 +28%
104
730
81
What We Learned

+176%
+236% 65
501 +14%
+263% 440
385
338
24 +35%
149 8
93 6

1.0 - 1.5 1.5 - 2.0 2.0 - 2.5 2.5+ inch

55 - 60 60 - 65 65 - 70 70+ mph
Hail Diameter (inch) Urban Areas
Wind Gust (mph) Urban Areas
1.0+ 1.5+ 2.0+ 2.5+ 1990 2023
55+ 60+ 65+ 70+ 1990 2023
Data: Aon Impact Forecasting, U.S. Census Bureau
Data: Aon Impact Forecasting, U.S. Census Bureau

The derecho event that impacted the Southern United States from Texas to Florida on May Another costly event in 2024 that serves as an example of how urban sprawl can increase
16, 2024 caused notable property damage and disruption in the Houston metropolitan area. the likelihood of otherwise spatially limited SCS events hitting insured assets was the
Analysis of its footprint shows that the area impacted by the highest wind speeds in Central hailstorm in Denver, Colorado, on May 30. The storm’s main footprint was located in Eastern
and Eastern Houston has not grown significantly since 1990. and Northern suburbs, which have seen significant growth over the past several decades.
However, the area impacted by wind gusts between 55 and 70 mph (up to 113 kph) is much For example, the urban area that would be potentially hit by hail larger than 2 inches (5 cm),
larger, particularly due to the significant urban expansion on the western and northern side expanded from 24 to approximately 65 square miles since 1990.
of the metropolitan area. At the same time, it is worth noting that the newly built suburbs
usually exhibit lower population and housing density than the urban core.

45
 Severe Convective
Storms and Shingle Roofs:
A Growing Challenge
Severe convective storms (SCS) are a growing concern
for the insurance industry, particularly in relation to
What We Learned

the durability and longevity of asphalt shingle roofs.

46
 As climate patterns shift and the frequency and severity Insurers: appropriately capturing roof cover and roof age Paul Eaton
of these storms increase, insurers face a dual challenge data is key so that insurers can accurately underwrite Head of Actuarial Consulting and Capital Optimization
of managing rising claims costs and ensuring affordable and price the risk while providing targeted risk advice Strategy and Technology Group
coverage for their customers. and adaptation solutions. Aon
The Joint Challenge for the Insurer and the Insured Best-in-class insurers carefully manage SCS risk by:
Adam Dawson
The increased frequency of asphalt shingle roof ● Monitoring peak exposure concentrations and Director
replacements presents a profitability challenge understand location-level risk Catastrophe Analytics
for insurers. Aon
● Implementing a holistic view of SCS cost drivers
What We Learned

Current types of insurance cover offered to policyholders in pricing to ensure rate adequacy
may need to be adjusted by implementing a different ● Considering the strengths and weaknesses of
deductible structure for roofs compared to the rest of catastrophe models and leveraging those that reflect
the home. An alternative option is to explore co-pays the latest view of SCS trends and historical experience
for roof repairs or replacements, thereby sharing the
financial burden between the policyholder and the
● Proactively tracking catastrophe events using real-
insurer for the roof only. time data sources to assess event impacts as they
unfold, and ensure that claims are settled quickly
Loss Mitigation and Reduction Strategies —
and efficiently to minimize loss settlement costs
Everyone Can Play a Part
As these roofs demonstrate a shorter lifespan and
Policyholders: regular maintenance and timely repairs
higher vulnerability to damage, insurers must adapt their
of shingle roofs can significantly reduce the likelihood
strategies to manage rising claims costs and maintain
of severe damage. Educating homeowners about the
profitability. Collaboration between policyholders and
importance of roof upkeep and providing incentives for
insurers in loss mitigation efforts is crucial to achieving
proactive maintenance can help lower claims frequency.
a long-term, profitable equilibrium in the homeowners’
insurance market.

47
 Historic Year for Canadian (Re)insurance

Exhibit 34: Construction Price and Labor Force Statistics in Canada

Increase in Building Construction Price Index since Q1 2017 Number of Workers in Construction (thousands) The Costliest Year on Record

120%
Toronto, ON Ontario Four major events, which occurred within a period of
Calgary, AB Quebec one month in July and August, drove the highest insured
Ottawa–Gatineau, ON 700 British Columbia
losses in Canada on record. These were 1) floods in
Edmonton, AB Alberta
Vancouver, BC Other
southern Ontario, particularly the Greater Toronto
100%
Area, 2) Jasper Fire in Alberta, 3) flooding in Montreal
What We Learned

Halifax, NS 600
St. John's, NL from remnants of Hurricane Debby and 4) hailstorm in
Winnipeg, MB northern Calgary. These four events alone resulted in
80% Montréal, QC 500 approximately CAD 7.7 billion ($5.6 billion) in claims.
Saskatoon, SK
This makes 2024 the costliest on record, followed by
Moncton, NB
400
2016 and 2013.
60%
Socioeconomic Drivers of Increasing Losses

300 The increase in building construction costs seen in

Canada in recent years, coupled with a shortage of
40%
skilled labor and supply chain disruptions, has driven
200 up the cost and time required for rebuilding efforts.
As a result, insurers face higher claim payouts and
20%
100
prolonged claim resolution times. This comes in a period
when increases in homeowners’ home and mortgage
insurance costs outpace overall inflation. Insurers are
therefore under pressure to provide affordable and
2017 2018 2019 2020 2021 2022 2023 2024 2017 2018 2019 2020 2021 2022 2023 2024
effective insurance to consumers and remain profitable
at the same time.
Data: Statistics Canada

48
 Exhibit 35: Calgary’s Urban Sprawl Since 1984

1984 2004 2024 Another factor is the growth of exposed assets. The
hailstorm in Calgary on August 5 primarily affected
northern parts of the city. According to the Insurance
Bureau of Canada, it resulted in approximately 130,000
claims and losses of nearly CAD 3 billion ($2.1 billion).
The area has seen a staggering urban expansion in recent
What We Learned

decades, similar to some U.S. cities (see Exhibit 35).

Analysis of satellite imagery in Exhibit 35 shows that
since 1984, when Calgary had roughly half of its current
FPO — CCI Team needs to population, northern outskirts expanded significantly,
provide on brand charts primarily with newly built residential neighborhoods
aimed to provide more affordable housing to the
growing number of residents. There was also additional
development of commercial and industrial property and
infrastructure, such as the new terminal and runway of
the Calgary International Airport.
An overlay of the hailstorm footprint shows that if the
event occurred 40 years ago, it would have affected
mostly agricultural land and residential property losses
would have been dramatically lower than in 2024.

Data: Landsat / Copernicus, Google

49
 Compared to historical experience, a relatively high in urban flood defenses and resilient infrastructure will
proportion of claims from the Calgary hailstorm — more therefore be critical to reduce long-term risks and exposure
than a half of all damage notifications — was related for all stakeholders. In order to enhance understanding of
to automobile insurance. There were several reasons flood hazard across Canada, Aon’s Impact Forecasting and
for this, including a large number of vehicles in outside the flood risk intelligence firm Fathom have been awarded
parking spaces without any cover. a contract by Public Safety Canada in August 2024 (7).
This includes provision of extensive high-resolution inland
Another factor that made this event unique is a
flood data and expertise to support the development of a
significant loss sustained by aircraft and terminal
national flood risk assessment.
buildings in the Calgary’s International Airport, which
What We Learned

was heavily impacted. WestJet, a major Canadian airline, Impact on Reinsurance Renewals
had 16 of its aircraft grounded due to hail damage and In some cases, 2024 events highlighted the issue of
experienced significant disruption of its services. This concentration management, with some regional, but also
will also add a notable insurance loss on top of property national, insurers incurring large losses in excess of their
and motor lines. provincial market share.
Challenges in Flood Insurance The 2024 events and associated issues also affected the
Homeowners’ flood policy limits remain relatively low reinsurance business. Due to the significant amount of
in both the Greater Toronto Area and Montreal, areas losses, reinsurers maintained higher premiums and stricter
heavily affected by urban flooding events in 2024. Such underwriting standards. As a consequence, the Canadian
low limits can be insufficient in cases of significant market remained an exception in the overall trend of
property damage or rebuilding costs. As a consequence, stabilization seen in the global reinsurance market.
many affected property owners experienced high out-
of-pocket expenses. Additionally, calls for a national
flood insurance program are likely to grow, particularly
to protect homeowners in high-risk zones. Investments

50
 Critical Climate Resilience
Considerations for
Infrastructure Assets
Rising costs of natural catastrophes and extreme
weather events are impacting every stakeholder
What We Learned

in the construction and infrastructure industry.

51
 Contractors, builders, developers, real asset owners, The most cost-effective time to introduce resiliency Natalia Moudrak
investors, engineers, architects, industry associations measures is at the time of new construction. There are Managing Director
and standardization bodies all have a role to play in numerous cost-benefit studies that estimate cost-to- Climate Risk Advisory
advancing adaptation and resilience measures to curtail benefit ratio of building resiliently in the range of 1:4 Aon
the trend. to 1:16. These benefits include avoided casualties,
Aon’s research finds that key drivers of rising losses property damage, business interruptions, disaster
include a growing number and value of assets in response expenses and insurance costs.
exposed areas, aging infrastructure, increasing Commercial property lenders, private equity firms,
rebuilding costs and other macroeconomic factors. infrastructure funds and other institutional investors
What We Learned

So, while changing climate is a factor in rising losses, are increasingly focused on mitigating their exposures
where and how we build assets influences losses the to physical climate risk. For example, Aon is assisting
most. Practical considerations to reduce losses include: several financial sponsor clients as they seek to factor
in physical climate risks during deal due diligence for
● Limiting new development in disaster-prone areas potential acquisition targets. By proactively pursuing
● Disaster-proofing existing and most vulnerable assets climate-resilience measures, asset owners are not only
investing in the physical protection of their property,
● Modeling current and future physical climate risks
but also into their long-term value.
to factor in appropriate risk mitigation approaches
from asset design phase through to construction According to the Global Infrastructure Hub, the world
and operations needs to invest $94 trillion in infrastructure between
2017 and 2040. Every dollar invested must apply
● Conserving and/or restoring natural assets, such as
a climate resilience lens to ensure we end up with
mangroves and wetlands, which provide flood and
insurable and investible assets down the road.
hurricane attenuation benefits
● Exploring alternative risk transfer solutions to free
up capital for proactive investments into disaster
risk reduction and resiliency initiatives

52
 Evacuation Planning Critical for Limiting Human Casualties

Exhibit 36: Evacuations Prior to Typhoons in the Philippines

Typhoon Rai (2021) Typhoons Toraji, Usagi, Man-yi (2024) Evacuation procedures have evolved significantly over
the years, particularly in regions that face frequent
Affected Population: 10.6M Affected Population: 4.3M
Evacuations: 0.8M Evacuations: 1.6M natural catastrophes.
Fatalities: 405 Fatalities: 14
Injured: 1,371 Injured: 15
The Philippines, often impacted by tropical storms
and typhoons this year, represents a good example of
preparation improvements. Investments in advanced
What We Learned

early warning systems, enhanced weather monitoring

and forecasting helped to provide timely alerts. Local
community involvement, better infrastructure, effective
Eastern Visayas Region
360,000
communication, attention to vulnerable populations,
Tropical Depression international collaboration, and legislative changes have
Tropical Storm all improved evacuation processes and management.
Bicol Region
Category 1 More evacuations are now ordered even for weaker
1.1M
Category 2
storms, as shown last year.
Category 3
Category 4 Historically, the Philippines has faced many devastating
Category 5 tropical cyclones, causing catastrophic damage and
loss of life. In December 2021, Typhoon Rai (Odette)
Evacuations resulted in hundreds of casualties. This may have been
≤ 10,000
influenced by the number of evacuation orders issued
200,000
relative to the total population affected by the storm.
500,000
In September 2024, Typhoon Yagi highlighted varying
1,000,000
preparedness levels in the Philippines, China and
Vietnam. Vietnam faced some of the worst impacts,
Data: NDRRMC with hundreds of fatalities. One of the factors could
have been insufficient evacuation orders, based on
the numbers reported by local disaster management.
53
The Links Between Climate
and Catastrophes
We focus on how climate change is contributing to weather pattern variability and natural disaster activity
 2024: The Hottest Year on Record Exceeds 1.5°C
Above the Pre-Industrial Levels

Exhibit 37: Global Temperature Anomalies Since 1950 (°C)

In a continuation of the long-term trend of global

warming, 2024 was recorded as the warmest year on
The Links Between Climate and Catastrophes

1.0 2024
Temperature record. Combining six international datasets, the World
Anomaly
0.8 Meteorological Organization (WMO) reported that global
temperatures in 2024 were 1.55°C (2.79°F) above the
0.6 pre-Industrial average (1850 – 1900). This makes 2024
Decade the first year to ever exceed the 1.5°C (2.7°F) limit of
2024
0.4 global warming set by the 2015 Paris Agreement (8).
2020s
2010s Based on the ERA5 data from the Copernicus Climate
0.2 2000s Change Service, the hottest day of the year was July 22,
Anomaly

1990s
with a global average temperature of 17.12°C (62.9°F).
0.0 1980s
This was approximately 0.9°C (1.6°F) above the
1970s
1960s
1990 – 2020 mean.
-0.2
1950s

-0.4
Compared to
1991 – 2020
-0.6
Average

-0.8

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Data: ERA5 Reanalysis, Copernicus Climate Change Service

55
 Exhibit 38: Reported All-Time Temperature Records Broken or Tied in 2024

Multiple heatwaves across the world resulted in

20 countries or territories breaking or tying their
The Links Between Climate and Catastrophes

all-time temperature records. The highest record

of 52.0°C (125.6°F) was set at Tepache in Mexico
on June 20, followed by Aswan in Egypt where
temperatures exceeded 50.9°C (123.6°F). The third-
hottest place was reported in Kayes in Mali with a
temperature peaking at 48.5°C (119.3°F) (9).
Dominican Republic Egypt
41.4°C (106.5°F) 50.9°C (123.6°F) In the EMEA region, all records were set in Africa
Mali

Mexico
48.5°C (119.3°F) Laos between March and June, with Chad (48.0°C) being
Saint Barthélemy 43.7°C (110.7°F)
52.0°C (125.6°F)
35.8°C (96.4°F)
the hottest country after Egypt and Mali. In APAC,
Chad
Belize Dominica 48.0°C (118.4°F) Cambodia temperature records were set from February to June,
42.3°C (108.1°F) 36.6°C (97.9°F) 42.8°C (109.0°F) Palau with Laos recording the highest temperature (43.7°C).
Costa Rica Ghana Republic 35.0°C (95.0°F)
41.0°C (105.8°F) 44.6°C (112.3°F) of the Congo Maldives In the Americas, records were set for longer periods of
35.1°C (95.2°F)
Tog o 39.6°C (103.3°F) the year, from March to October, with Bolivia (47.0°C)
Columbia
43.4°C (110.1°F)
44.0°C (111.2°F)
being the warmest country after Mexico.
Cocos Islands
Bolivia 32.8°C (91.0°F) Of all reported countries, Chad, Laos, Dominica and
47.0°C (116.6°F) Comoros
Saint Barthelmy recorded their temperature maximums
36.2°C (97.2°F)
for the second year in a row. Note that all records
are subject to approval of the WMO, which acts as
the official organization responsible for verifying the
measured data.
Data: Yale Climate Connections

56
 Prolonged Extreme Heatwaves Increasingly Affect Human Health

Exhibit 39: Record-Breaking Streak of Extreme Temperatures Affecting Human Health

in Maricopa County, Arizona
120 35 The hottest year on record was marked by notable
31-Day Streak 12-Day Streak
heatwaves and temperature extremes around the
The Links Between Climate and Catastrophes

110 113-Day Streak world. These risks are often overlooked when focusing
66-Day Streak
30
primarily on material impacts of disasters. Tracking
100 heat-related deaths also remains challenging, with many
regions reporting incomplete figures.
25
Maricopa County, Arizona, is one example of how to

Daily Heat-Related Deaths

90
adequately assess and visualize heatwave impacts,
Temperature (°F)

80
20 at least on the regional level. According to the
preliminary data provided by the local Department
of Public Health, up to 657 people died (466 cases
70 15
confirmed, 191 under investigation) between April
and November due to heat in 2024. The number of
60
fatalities increased by 12 compared to the same period
10
in 2023 when a record-breaking streak of maximum
50 temperatures above 110°F (43.3°C), together with
5
extreme nighttime temperatures, resulted in high daily
645 Deaths 657 Deaths
40 mortality in the area. This year saw a 113-day streak of
temperatures at or above 100°F (37.8°C) from late May
to early September, compared to 66 days in 2023. While
Apr 2023 Jul 2023 Oct 2023 Jan 2024 Apr 2024 Jul 2024 Oct 2024 2024’s heatwave was less intense, it lasted much longer.
Daily Temperature Range in Phoenix Temperature Maximum above 100°F Temperature Maximum above 110°F This aligns with expectations that climate change will
extend the duration of heatwaves (10).
Data: Maricopa County Public Health Department, NCEI

57
 Observing 2023 – 2024 Events Through Climate Oscillations

Exhibit 40: Climate Oscillation Indices and Selected Catastrophes in 2023 and 2024

CY Freddy Lahaina Fire HU Otis WS Ciarán Brazil Floods TY Yagi HU Helene Weather-related catastrophe events occur in a complex
climate system influenced by natural variability. This is
The Links Between Climate and Catastrophes

2
why it is important to understand climate oscillations:
NAO

0
so that society can better predict the frequency and
-2 severity of devastating events in the future.
6 Climate oscillations refer to semi-periodic changes in
4 weather parameters, such as air and sea temperature,
AMM

2 and atmospheric pressure between two or more regions,

0 which can lead to a specific atmospheric circulation,
3 and therefore recurring weather patterns.
ENSO 3.4

2
1
There are dozens of these oscillations, some of which
0 have a greater impact than others. Some oscillations
-1 also occur more frequently, but others may recur only
5 every few months, with each phase also lasting a
different time period. Climate is very complex, and it
PMM

-5 is therefore extremely difficult to define one or more

-10 oscillations as a precursor for specific weather events.
4
AAO

-4

01/23 04/23 07/23 10/23 01/24 04/24 07/24 10/24

Data: NOAA

58
 Placing the most disastrous events of 2024 in the context Specific conditions set by this oscillation might have The Antarctic Oscillation, sometimes called the Southern
of climate oscillations shows that hurricanes Milton and influenced the excessive drought that subsequently Annular Mode, is another important driver of weather in
Helene occurred during the transition from El Niño to helped trigger the Lahaina Fire in Hawaii in 2023. the southern hemisphere. It is an oscillation characterized
La Niña (ENSO), which generally favors more hurricanes Phase of this oscillation usually lasts from early winter by the north-south movement of the westerly winds that
in the Atlantic. This is due to weaker vertical wind shear to early summer.
The Links Between Climate and Catastrophes

encircle Antarctica (17). Modulating the weather as far

and trade winds, making the atmosphere less stable (11). as South America, the negative phase usually brings
Being an important driver of global cyclonic activity,
One of the implications of the El Niño phase is that the Madden-Julian Oscillation is a large-scale oscillation more drought to Australia and is likely linked to increased
sea surface temperatures (SST) increase in Eastern characterized by an eastward-moving disturbance of wildfire activity. This oscillation is highly irregular and
Pacific. Warm SST anomalies along the track of pressure that traverses the global tropics and returns usually lasts from weeks to months.
Hurricane Otis in 2023 were likely an important to its initial position every 30 to 60 days (15). During
factor in its intensification (12). its positive phase in 2024, less change in wind speed
and more evaporation might have been associated with
The late 2024 hurricanes also occurred during a
increased hurricane activity.
positive phase of the Atlantic Meridional Mode,
which is associated with increased hurricane activity The North Atlantic Oscillation is considered a key weather
due to more heat in the tropical North Atlantic indicator for Europe, representing the difference in air
(which typically lasts several months), while the pressure between the Azores and Iceland. During the
South Atlantic remains cooler (13). positive phase, low-pressure systems coming from
the Atlantic toward Europe tend to be stronger (16).
Warmer water in the Western Pacific during a positive
This generally leads to stormier conditions and more
Pacific Meridional Mode, which represents north-south
windstorm activity, as visible by the positive index
changes of temperature in the tropical Pacific, favors
throughout the 2023 – 24 season. The NAO phases
the modulation of hurricane activity in the East Pacific,
can have variable length.
as well as formation of typhoons in the West Pacific (14),
like in the case of Typhoon Yagi.

59
 Tropical Cyclone Activity in 2024

Exhibit 41: 2024 Global Tropical Cyclone Activity by Basin Compared to Climatology
Basin Named Storms Hurricanes Major Hurricanes North Atlantic
(Category 1+) (Category 3+)
As prominently advertised prior to June 1, the 2024
The Links Between Climate and Catastrophes

2024 Climo 2024 Climo 2024 Climo Atlantic hurricane season was officially labeled as
North Atlantic 18 14 11 7 5 3 “hyperactive” after reaching an Accumulated Cyclone
Energy (ACE) mark of 162. This metric, commonly used
East Pacific 13 17 5 9 3 5 to reflect overall storm activity for a given year, was
West Pacific 23 25 15 16 9 9 well above the 1991 – 2020 average of 123. Despite
the previously mentioned pause in activity during the
North Indian 4 5 1 2 0 1
seasonal peak, the number of named storms — 18;
Northern Hemisphere 58 61 32 34 17 18 hurricanes — 11; and major hurricanes — 5; all surpassed
Southern Pacific 4 10 1 5 0 2 their respective long-term averages.

South Indian 18 16 12 9 7 4 The season began at a historic pace due to Hurricane

Beryl, the earliest Category 5 storm on record in the
Southern Hemisphere 22 26 13 14 7 6 Atlantic basin. Beryl devasted a number of Caribbean
Totals 80 87 45 48 24 24 nations before making landfall in southern Texas, leaving
billions of dollars in damage in its wake. In the two
Compared to the 1991-2020 climatological average. TCs within all basins are classified based on the Saffir-Simpson hurricane wind scale. Southern Hemisphere statistics include full calendar months following Beryl, only Hurricane Debby would end
year 2024 events.
up generating billions in damages due to impacts in the
Source: National Hurricane Center; Joint Typhoon Warning Center; Colorado State University U.S. and Canada. Hurricanes Ernesto and Francine were
two other notable storms during this period.
During the second half of the season, the U.S.
experienced back-to-back major disasters with
hurricanes Helene and Milton. Remarkably, this meant
the mainland U.S. saw five landfalling hurricanes in
2024, which is tied for the second-most landfalls in a
season. Four of these storms hit the Southeast U.S.,
60 including three in Florida alone.
 East Pacific West Pacific North Indian Ocean
Tropical cyclone activity in the Eastern Pacific basin The 2024 Western Pacific season was fairly in line with Despite no cyclones reaching at least Category
was below average overall. With 13 named storms, five most of its climatological average metrics. Compared to 3-equivalent intensity, the 2024 North Indian Ocean
hurricanes and three major hurricanes, each metric 2023, this year saw an increase in the number of named season saw near-average cyclone activity overall with
The Links Between Climate and Catastrophes

fell below their respective 1991 – 2020 climatological storms — 23; hurricanes — 15; and major hurricanes — four named storms. The strongest of these storms,
averages. The lack of vigorous tropical cyclone activity nine. However, this year’s ACE value of approximately Cyclone Remal, generated large material losses in
also led to an aggregate ACE index value of 82, exactly 210 was far below the long-term average of 301. Bangladesh and India’s West Bengal state. Other notable
half of last year’s ACE — 164. Bolstering the below- storms include cyclones Asna, Dana, and Fengal.
Typhoon Yagi proved to be the Western Pacific’s most
average activity theme in the basin was the lack of
destructive storm in 2024. Much of Southeast Asia, Southern Hemisphere
any named storm for nearly the first two months of the
especially Vietnam, China, Myanmar and Thailand,
season. In fact, the first tropical system (Aletta) formed Overall tropical cyclone activity in the southern
suffered extensive damage. In fact, Yagi now ranks
on July 4, which was the latest first named storm ever hemisphere, outside of the Southern Pacific Ocean
as the costliest typhoon on record in Vietnam with
for the basin in the satellite era (since 1966). basin, was near- or above-average. While Australia
over $3 billion in economic losses. Over 800 people
and Oceania did not experience any major storms in
Despite low activity overall, the 2024 season still were killed and thousands more were injured across
2024, a number of strong tropical cyclones did impact
featured multiple notable storms. Hurricane Kristy was several countries.
parts of Eastern Africa. Notably, Cyclone Chido caused
the strongest Pacific tropical cyclone with peak winds
The Philippines experienced a very active season as widespread devastation across Mayotte, Comoros,
of 160 mph (260 kph). While Kristy did not affect land,
roughly a dozen tropical systems impacted the nation. Mozambique, and a number of other countries. In fact,
it was the only Category 5 storm in the basin this year.
Remarkably, half of these storms affected Luzon Island Chido is considered the strongest cyclone to impact
Hurricane Gilma was the only other hurricane to reach
alone within just a 30-day span between late October the island of Mayotte in nearly a century. Tropical
at least Category 4 intensity.
and mid-November. Five of these storms (Trami, Yinxing, Cyclone Belal was another strong storm in the southern
The most destructive system, by far, in the eastern Toraji, Usagi, and Man-yi) made landfall while another hemisphere, causing damage across the island nations of
Pacific was Hurricane John. Much of western Mexico, (Kong-Rey) brushed the island with strong winds and Reunion and Mauritius.
especially the state of Guerrero, saw extensive rainfall storm surge.
over multiple days after John made two landfalls.
The Western Pacific basin also saw two other destructive
Notably, the city of Acupaluco was impacted less than a
typhoons. Gaemi made direct landfall over Taiwan and
year after the devastating impacts from Hurricane Otis.
China while enhancing monsoon rains in the Philippines,
while Shanshan impacted much of southern Japan.

61
 Atlantic Ocean ● Seven hurricanes formed after September 25, which ● Hurricane Hone was the first tropical cyclone to develop
is the most on record for this late part of the Atlantic in the central Pacific basin in nearly five years, since
● Five hurricanes made landfall in the mainland U.S. in
hurricane season. Tropical Storm Ema (2019).
2024, which is tied with 1893, 2004 and 2005 for the
second-most landfalling hurricanes in a season. ● Hurricane Rafael is the second major hurricane ever ● The first tropical system, Aletta, formed on July 4,
The Links Between Climate and Catastrophes

● After Helene’s landfall in September, eight Category recorded in November in the Gulf of Mexico, joining and became the latest first named storm ever for
4-plus hurricanes have now made landfall in the U.S. Hurricane Kate (1985). the eastern Pacific basin in the satellite era (since 1966).
(by states and territories) in the past eight years ● The season’s first named storm, Tropical Storm ● Hurricane Kristy, the strongest storm of the season,
(2017 – 2024). All but one of these storms (Maria in Alberto, formed in the western Gulf of Mexico on became the first Category 5 hurricane to occur in
2017) have struck the U.S. mainland. June 19, setting the slowest start to hurricane non-El Niño conditions since Hurricane Celia (2010).
Hurricane Helene is now the strongest storm ever season since 2014.
● Indian Ocean
to make landfall in Florida’s Big Bend region, a mark ● Hurricanes Kirk, Leslie and Milton in early October ● Cyclone Chico, a Category-4 equivalent storm,
previously held by Hurricane Idalia (2023). marked the first time with three simultaneously active is the most powerful cyclone to make landfall
hurricanes in the basin after September.
● Hurricane Beryl became the earliest Category 5 on the island of Mayotte in nearly a century.
hurricane on record within the Atlantic Basin, Pacific Ocean
reaching peak winds of 165 mph (265 kph) by ● Luzon Island in the Northern Philippines was struck
July 2nd.
by four typhoons and one tropical storm in the span
● Hurricane Milton was the fifth-strongest hurricane of 30 days in October and November of 2024.
ever in the Atlantic by minimum central pressure ● Typhoon Yagi and its remnants caused extreme
(897 mb). Milton also exhibited the third-largest devastation across Southeast Asia in early September
24-hour rapid intensification for the Atlantic basin 2024. Over 800 people were killed, primarily across
after strengthening by 95 mph (153 kph). Northern Vietnam and Myanmar.
● Hurricanes Beryl and Milton both produced prolific ● Hurricane John produced nearly four days of
tornado outbreak. At least 65 tornadoes were continuous rainfall over portions of Mexico’s Guerrero
attributed to Beryl, while Florida experienced its state, with the highest rain totals exceeding 1,400 mm
largest single-day tornado outbreak ever (46) due (55 inches).
to Milton.

62
 Atlantic Hurricane Season Ends as Hyperactive After a Slow Start

Exhibit 42: Oceanic Heat Content in the Main Development Region*

80 Prior to the start of every Atlantic hurricane season,

which officially runs from June 1 to November 30, a
The Links Between Climate and Catastrophes

number of different science and meteorological agencies

70
produce forecasts of hurricane activity for the upcoming
season. Many of these well-renowned agencies, including
60 the National Oceanic and Atmospheric Administration
(NOAA) and Colorado State University (CSU), will also
update their initial predictions through the middle of the
50
season based on evolving circumstances.
OHC (kJ/cm2)

Remarkably, virtually all of the most prominent Atlantic

40
hurricane forecasts, both prior to and during the season,
consistently and explicitly called for well-above-average
30 hurricane activity. Most agencies predicted over 20
named storms, over 10 hurricanes, and at least five major
(Category 3-plus hurricanes. These figures far exceeded
20
their 1991 – 2020 averages of 14 named storms, seven
hurricanes and three major hurricanes.
10
The basis for these aggressive forecasts was primarily
driven by two important factors. Near-record high sea-
surface temperatures (SST) over much of the Atlantic
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
meant exceptionally high oceanic heat content, or ample
fuel for tropical cyclones to develop and intensify.
2013 – 2022 2013 – 2024 Average 2023 2024
The other factor, a predicted ENSO phase transition to
Data: Brian McNoldy (Upper Ocean Dynamics Laboratory, University of Miami – Rosenstiel School) La Niña, meant that Atlantic storms were less likely to
encounter strong wind shear, an atmospheric parameter
*Main Development Region is designated as the region of the Atlantic Ocean between 10°N – 20°N and 20°W – 85°W detrimental to tropical cyclones.
63
 Exhibit 43: Atlantic Hurricane Seasonal Forecast by NOAA Versus Reality

Named Storms Hurricanes Major Hurricanes After much anticipation, the 2024 Atlantic hurricane
season eventually proved an above-average season.
The Links Between Climate and Catastrophes

45 45 45
After a fierce start to the season with Category 5
40 40 40 Hurricane Beryl, a surprising pattern emerged.
Tropical cyclone activity paused in late August to mid-
35 35 35 September, a period considered the seasonal peak. Despite
near-record warm ocean temperatures and cooler ENSO-
30 30 30 neutral conditions, other factors reduced hurricane activity.
The African monsoon, which often seeds hurricane
25 25 25 formation, progressed further north than normal across
the Sahara Desert. It pulled dry air into the Atlantic
20 20 20 and fueled high wind shear that hindered tropical
development. The Madden-Julian Oscillation briefly
15 15 15
promoted stable, sinking air over the Atlantic Ocean.
This opposes the ascending, unstable air motions
necessary for thunderstorms within a hurricane.
10 10 10
An increase in upper-air temperatures across the
Atlantic also hindered air ascent.
5 5 5
A hyperactive season finally began with Hurricane
Helene in late September. The factors that initially
0 0 0
2004 2008 2012 2016 2020 2024 2004 2008 2012 2016 2020 2024 2004 2008 2012 2016 2020 2024 limited tropical cyclone development soon reversed
and aided storm formation. The complex interactions
Seasonal Forecast (August Update) Actual Count of Storms
of these large-scale climate features highlight the
Data: NOAA
difficulty in creating seasonal hurricane forecasts.

64
 Climate Attribution Studies Emphasize the Role of Adaptation

Exhibit 44: Showcasing the Individual and Shared Vulnerability Factors Between Case Studies

Typhoon Gaemi Attribution studies are now increasingly performed to

help answer questions around the increased likelihood
The Links Between Climate and Catastrophes

of a disaster event with the influence of climate change.

However, it is important to note that many other factors
that contribute to an event’s severity are highlighted by
Flash Flooding Cultural Resistance
Exacerbation
these studies and often considered equally important.
to Evacuation
Due to Deforestation For example, the total loss from Hurricane Milton might
have been compounded by disruption of port terminals and
power outages (18), as well as over-reliance on traditional
evacuation zones in some areas that did not account for
Coastal
Poor the rapid storm surge (19). Some damage was also related
Early-Warning
Urbanization to urban expansion in coastal areas, as was the case in
Systems
the Philippines during Typhoon Gaemi, where previous
Climate deforestation (20), and possibly even general reluctance
Change of the local population to evacuate, might have led to
greater impacts. The areas affected by the typhoon also
Underestimation Historical Canal
of Storm Surge Alterations suffered from underdeveloped early warning systems, as
in Evacuation did the Valencian region during the October floods (21).
Urbanization The damage in this Spanish province was also exacerbated
in Flood-Prone Encroachment of by changes in land use and ineffective water channel
Areas Agricultural Land
Power Outages improvements (22). Lastly, rapid urbanization in flood-
prone areas were a damage factor in Valencia and in the
Hurricane Milton Valencia Flooding U.S. during Hurricane Milton.
In conclusion, while climate change plays a significant role,
there are many man-made factors that contribute to overall
damage and should be considered in adaptation efforts.
65
Appendices
 Appendix A: 2024 Global Disasters

Footnote: The list below includes notable global events that meet, or are expected to meet, at least one of the following criteria to be classified as a natural
disaster in Aon’s Catastrophe Insight Database: $50+ million in economic loss, $25+ million in insured losses, 10+ fatalities, 50+ injured, or 2,000+ structures
damaged or claims filed. Economic losses provided here are inflation-adjusted (using the US CPI), rounded to tens and are subject to future development.

United States (1/5)

Appendix A: 2024 Global Disasters

Date(s) Event Location Deaths Economic Loss ($M)

01/01 – 12/31 Drought United States N/A 7,000

01/08 – 01/10 Severe Convective Storm Nationwide 5 2,850

01/10 – 01/14 Winter Weather Nationwide 0 1,750

01/12 – 01/15 Winter Weather West 7 1,750

01/12 – 01/21 Winter Weather Southeast, Plain, Midwest 73 1,850

01/16 – 01/18 Winter Weather West 6 670

01/19 – 01/23 Flooding West 5 510

01/22 – 01/28 Flooding Nationwide 0 720

01/31 – 02/01 Flooding West 0 150

02/04 – 02/06 Flooding California 9 1,100

02/08 – 02/13 Severe Convective Storm Midwest, Southeast 1 1,300

02/17 – 02/21 Flooding California 0 150

02/26 – 02/29 Severe Convective Storm Nationwide 0 1,650

67
 United States (2/5)

Date(s) Event Location Deaths Economic Loss ($M)

02/26 – 03/09 Wildfire Texas 2 610

02/28 – 03/04 Winter Weather West 2 200

03/07 – 03/11 Severe Convective Storm Southwest, Midwest 0 760

Appendix A: 2024 Global Disasters

03/11 – 03/15 Winter Weather California, Colorado 0 150

03/12 – 03/16 Severe Convective Storm Northeast 3 5,950

03/21 – 03/23 Severe Convective Storm Nationwide 0 660

03/23 – 03/27 Severe Convective Storm California, Southeast 2 250

03/29 – 04/05 Severe Convective Storm California, Midwest 5 2,650

04/06 – 04/12 Severe Convective Storm Nationwide 1 2,700

04/14 – 04/16 Severe Convective Storm Pennsylvania, Virginia 0 150

04/15 – 04/16 Severe Convective Storm Texas, Missouri 0 150

04/17 – 04/20 Severe Convective Storm Southeast 0 1,000

04/18 – 10/31 Heatwave Arizona 657 N/A

04/19 – 04/21 Severe Convective Storm Texas 0 400

04/25 – 04/29 Severe Convective Storm Midwest, Southwest 5 2,200

04/30 – 05/02 Severe Convective Storm Kansas, Oklahoma, Texas 4 500

05/03 – 05/05 Severe Convective Storm Texas 0 600

68
 United States (3/5)

Date(s) Event Location Deaths Economic Loss ($M)

05/06 – 05/10 Severe Convective Storm Nationwide 6 6,650

05/11 – 05/14 Severe Convective Storm Southwest, Southeast 4 1,250

05/15 – 05/17 Severe Convective Storm Southwest, Southeast 8 1,900

Appendix A: 2024 Global Disasters

05/17 – 05/22 Severe Convective Storm Nationwide 5 4,950

05/23 – 05/24 Severe Convective Storm Midwest, Southwest 0 800

05/25 – 05/26 Severe Convective Storm Nationwide 26 4,500

05/27 – 05/29 Severe Convective Storm Southwest 2 3,250

05/30 – 06/01 Severe Convective Storm Southwest, Southeast 2 3,200

06/02 – 06/05 Severe Convective Storm Nationwide 1 700

06/06 – 06/10 Severe Convective Storm Nationwide 0 800

06/08 – 06/10 Severe Convective Storm Colorado 0 200

06/11 – 06/15 Flooding Florida 2 400

06/12 – 06/13 Severe Convective Storm Midwest, Southwest 0 1,000

06/14 – 06/18 Severe Convective Storm Nationwide 0 250

06/17 – 06/27 Wildfire New Mexico 2 1,500

06/19 – 06/20 Tropical Storm Alberto Texas 0 150

06/19 – 06/23 Severe Convective Storm Nationwide 0 900

69
 United States (4/5)

Date(s) Event Location Deaths Economic Loss ($M)

06/20 – 06/23 Flooding Minnesota, Iowa, South Dakota 2 500

06/25 – 06/26 Severe Convective Storm Nationwide 3 1,750

06/27 – 06/30 Severe Convective Storm Nationwide 1 550

Appendix A: 2024 Global Disasters

07/01 – 07/04 Severe Convective Storm Southwest, Midwest 0 200

07/01 – 07/11 Hurricane Beryl Nationwide 45 7,000

07/02 – 07/17 Heatwave California, Oregon 28 N/A

07/06 – 07/07 Severe Convective Storm Colorado, Iowa, Kansas 0 200

07/13 – 07/18 Severe Convective Storm Nationwide 5 2,750

07/14 – 07/15 Severe Convective Storm Arizona 0 200

07/19 – 07/20 Severe Convective Storm Plains 0 250

07/20 – 07/24 Severe Convective Storm Southeast 0 300

07/21 – 07/25 Severe Convective Storm Arizona, California 0 250

07/24 – 08/01 Severe Convective Storm Nationwide 0 1,100

07/24 – 08/20 Wildfire California 0 650

08/01 – 08/03 Severe Convective Storm Northeast, Southeast 0 250

08/03 – 08/05 Severe Convective Storm Minnesota 0 130

70
 United States (5/5)

Date(s) Event Location Deaths Economic Loss ($M)

08/03 – 08/11 Hurricane Debby Southeast 6 3,200

08/04 – 08/06 Severe Convective Storm Northeast 0 950

08/12 – 08/19 Severe Convective Storm Nationwide 0 1,200

Appendix A: 2024 Global Disasters

08/17 – 08/19 Flooding Connecticut 2 100

08/22 – 08/30 Severe Convective Storm Nationwide 0 1,250
09/01 – 09/03 Severe Convective Storm Texas 0 130

09/01 – 09/05 Flooding Florida 0 200

09/10 – 09/15 Hurricane Francine Southeast 0 950

09/15 – 09/16 Potential Tropical Cyclone No. 8 Carolinas 0 130

09/21 – 09/24 Severe Convective Storm Midwest, Plains 0 950

09/25 – 09/28 Hurricane Helene Southeast 243 75,000

10/08 – 10/11 Hurricane Milton Florida 32 35,000

10/18 – 10/20 Flooding New Mexico 2 300

11/02 – 11/05 Severe Convective Storm Oklahoma, Montana, Arkansas 5 800

11/06 – 11/15 Wildfire California 0 550

11/19 – 11/24 Flooding California, Oregon, Washington 4 750

12/13 - 12/16 Severe Convective Storm California, Oregon, Washington 0 200

12/26 - 12/29 Severe Convective Storm Southeast 4 750

71
 North America (non-U.S.) (1/2)

Date(s) Event Location Deaths Economic Loss ($M)

01/12 – 01/21 Winter Weather Canada 0 250

03/01 – 05/31 Heatwaves Mexico 155 N/A

04/02 – 04/05 Severe Convective Storm Canada 0 50

Appendix A: 2024 Global Disasters

04/11 – 04/13 Severe Convective Storm Canada 0 30

05/03 Landslide Haiti 13 Negligible

05/15 – 05/31 Wildfire Guatemala, Belize 0 Millions

05/16 Severe Convective Storm Canada 0 60

05/21 Severe Convective Storm Haiti 0 Millions

05/22 Severe Convective Storm Mexico 9 Unknown

06/11 – 06/21 Flooding Central America 24 Millions

06/14 – 06/18 Severe Convective Storm Canada 0 40

06/19 – 06/20 Tropical Storm Alberto Mexico 4 140

06/23 Severe Convective Storm Canada 0 130

07/01 – 07/11 Hurricane Beryl Caribbean, Mexico, Canada 25 640

07/15 – 07/16 Flooding Canada 0 1,000

07/22 – 08/17 Wildfire Canada 1 1,150

72
 North America (Non-U.S.) (2/2)

Date(s) Event Location Deaths Economic Loss ($M)

08/05 – 08/06 Severe Convective Storm Canada 0 2,700

08/08 – 08/11 Remnants of Hurricane Debby Canada 0 3,000

08/13 – 08/15 Hurricane Ernesto Puerto Rico, Virgin Islands 0 520

Appendix A: 2024 Global Disasters

08/17 – 08/19 Flooding Canada 0 180

09/24 – 09/27 Hurricane John Mexico 24 250
09/25 – 09/28 Hurricane Helene Cuba, Mexico 0 Unknown

10/08 – 10/11 Hurricane Milton Mexico 3 Unknown

10/18 – 10/20 Flooding Canada 3 110

10/19 – 10/21 Hurricane Oscar Cuba 7 50

11/03 – 11/06 Hurricane Rafael Caribbean 8 330

11/10 – 11/18 Tropical Storm Sara Caribbean, Central America 12 Millions

12/20 – 12/28 Flooding Haiti 13 Unknown

73
 South America (1/2)

Date(s) Event Location Deaths Economic Loss ($M)

01/01 – 03/31 Flooding, Landslides Bolivia 52 50

01/01 – 09/30 Wildfire Brazil 0 180

01/01 – 12/31 Drought Brazil N/A 6,050

Appendix A: 2024 Global Disasters

01/12 Landslide Colombia 37 Negligible

01/13 – 01/14 Flooding Brazil 12 120

01/16 – 01/18 Flooding Brazil 0 20

01/29 – 02/29 Flooding, Landslides Ecuador 8 100

02/02 – 02/09 Wildfire Chile 131 1,000

02/21 – 03/02 Flooding Brazil, Peru, Bolivia 2 190

03/01 Flooding Brazil 0 80

03/21 Severe Convective Storm Brazil 0 20

03/22 – 03/26 Flooding Brazil 27 140

04/28 – 05/03 Flooding Brazil 182 5,050

06/10 – 06/16 Severe Convective Storm Chile 1 540

74
 South America (2/2)

Date(s) Event Location Deaths Economic Loss ($M)

06/14 – 06/17 Flooding Ecuador 19 Unknown

07/01 – 09/30 Wildfire Peru 21 190

08/24 – 08/30 Wildfire Brazil 2 180

Appendix A: 2024 Global Disasters

11/03 – 11/06 Hurricane Rafael Colombia 1 150

75
 Europe (1/4)

Date(s) Event Location Deaths Economic Loss ($M)

01/01 – 03/31 Drought Spain N/A 110

01/02 – 01/04 Windstorm Henk Western, Central Europe 3 560

01/17 Winter Weather France, Germany, Czech Republic 0 Unknown

Appendix A: 2024 Global Disasters

01/21 – 01/22 Windstorm Isha Western, Central Europe 4 250

01/23 – 01/24 Windstorm Jocelyn Western, Central Europe 1 240

01/31 – 02/01 Windstorm Ingunn Norway 0 70

02/22 – 02/23 Windstorm Louis Western, Northern Europe 1 430

03/01 – 09/30 Drought Serbia N/A 550

03/01 – 09/30 Drought Italy N/A 2,950

03/08 – 03/11 Flooding, Winter Weather Southern, Western Europe 13 20

03/27 – 03/28 Windstorm Nelson Western Europe 4 110

03/30 – 04/04 Flooding, SCS Western, Central, Eastern Europe 7 50

04/06 – 04/10 WS Kathleen, WS Pierrick Western Europe 2 30

04/15 – 04/16 Windstorm Renata Western, Central Europe 0 30

04/18 – 04/24 Winter Weather Western, Central Europe 0 820

76
 Europe (2/4)

Date(s) Event Location Deaths Economic Loss ($M)

05/14 – 05/17 Severe Convective Storm Western, Central Europe 0 170

05/15 – 05/17 Flooding Italy 1 380

05/17 – 05/18 Flooding Germany, France, Belgium 0 550

Appendix A: 2024 Global Disasters

05/19 – 05/20 Severe Convective Storm Central Europe 0 20

05/19 – 05/22 Severe Convective Storm Central, Southeastern Europe 1 30

05/27 – 05/28 Severe Convective Storm Central Europe 0 30

06/01 – 06/07 Flooding Germany 6 4,500

06/04 Flooding Poland 0 20

06/06 – 06/10 Severe Convective Storm Central Europe 2 660

06/10 – 06/12 Flooding Spain 0 80

06/17 – 06/20 Severe Convective Storm Central, Western Europe 1 490

06/21 – 06/23 SCS, Flooding Central, Southeastern Europe 3 170

06/25 – 06/28 Severe Convective Storm Central Europe 0 420

06/28 – 07/02 Severe Convective Storm Central, Western Europe 9 360

07/06 – 07/08 Severe Convective Storm Central, Western Europe 0 50

07/09 – 07/11 Severe Convective Storm Central Europe 3 290

07/10 – 07/20 Heatwave Greece, Italy 1,900 N/A

77
 Europe (3/4)

Date(s) Event Location Deaths Economic Loss ($M)

07/11 – 07/14 Severe Convective Storm Europe 3 1,550

07/15 – 07/17 Severe Convective Storm Europe 0 50

07/19 – 07/22 Severe Convective Storm Europe 0 50

Appendix A: 2024 Global Disasters

07/28 – 07/29 Windstorm Kirsti Northern, Central Europe 2 10

07/31 – 08/03 Severe Convective Storm Western, Central Europe 0 130

08/01 – 08/31 Drought Austria N/A 160

08/07 Severe Convective Storm Central, Southern Europe 1 230

08/11 – 08/16 Wildfire Greece 0 60

08/12 – 08/14 Severe Convective Storm Western, Central Europe 0 830

08/23 – 08/24 Windstorm Lilian Northern, Western Europe 0 30

08/26 – 08/28 Severe Convective Storm Italy 0 110

09/02 - 09/05 Flooding Western Europe 2 110

09/12 – 09/16 Flooding Central, Southeastern Europe 29 7,500

09/13 – 09/30 Wildfire Portugal 9 10

09/17 – 09/19 Flooding Italy 1 150

10/02 – 10/04 Flooding Bosnia and Herzegovina 24 10

10/09 – 10/10 Windstorm Ex-Kirk Western Europe 1 110

78
 Europe (4/4)

Date(s) Event Location Deaths Economic Loss ($M)

10/17 – 10/21 Flooding France, Italy 1 540

10/20 – 10/22 Windstorm Ashley Ireland, United Kingdom, Norway 0 50

10/27 – 10/30 Flooding Spain 231 16,100

Appendix A: 2024 Global Disasters

10/31 – 11/02 Windstorm Jakob Northern Europe 0 10

11/13 Flooding Spain 0 50

11/23 – 11/25 Windstorm Bert Western Europe 5 50

11/27 Windstorm Conall Netherlands 1 50

12/06 – 12/08 Windstorm Darragh Western Europe 4 320

12/30 - 12/31 Flooding United Kingdom 0 150

79
 Middle East (1/1)

Date(s) Event Location Deaths Economic Loss ($M)

02/12 – 02/13 Flooding, SCS United Arab Emirates, Oman 6 100

04/08 – 04/17 Flooding, SCS Middle East 34 5,250

04/16 – 04/24 Flooding Iran 10 Unknown

Appendix A: 2024 Global Disasters

06/01 – 06/20 Heatwave Saudi Arabia 1,300 N/A

06/18 Earthquake Iran 4 Millions

08/01 – 08/15 Flooding Yemen 57 Unknown

09/30 Flooding Iran 15 Negligible

10/16 Earthquake Turkey 0 Millions

12/14 Dust Storm Iran, Iraq 0 Negligible

80
 Africa (1/2)

Date(s) Event Location Deaths Economic Loss ($M)

01/01 – 01/02 Tropical Storm Alvaro Madagascar 19 Millions

01/07 – 01/20 Flooding South Africa 41 Millions

01/11 – 01/20 Flooding Congo, DRC 240 Millions

Appendix A: 2024 Global Disasters

01/13 Landslide Tanzania 22 Negligible

01/14 – 01/16 Tropical Storm Belal Réunion, Mauritius 6 570

03/20 – 04/30 Flooding Eastern Africa 576 90

03/26 – 03/29 Cyclone Gamane Madagascar 19 50

04/13 Landslide DRC 15 Negligible

06/01 – 06/03 Flooding South Africa 22 Unknown

06/01 – 09/30 Flooding Sudan 64 Unknown

06/01 – 09/30 Flooding Niger 265 Unknown

Senegal, Burkina Faso, Central African
06/01 – 09/30 Flooding 9 Unknown
Republic
06/04 – 06/06 Flooding Algeria 15 Unknown

06/15 – 06/25 Flooding, Landslides Ivory Coast 24 Negligible

07/01 – 09/30 Flooding Nigeria 281 Unknown

07/04 – 07/12 Severe Convective Storm South Africa 0 Millions

07/07 – 07/13 Winter Weather South Africa 0 30

81
 Africa (2/2)

Date(s) Event Location Deaths Economic Loss ($M)

07/20 – 07/25 Heatwave Morocco 21 N/A

07/21 – 07/22 Landslides, Flooding Ethiopia 257 Negligible

07/29 – 07/30 Flooding Guinea 0 Unknown

Appendix A: 2024 Global Disasters

08/01 – 09/30 Flooding Chad 576 Unknown

08/01 – 09/30 Flooding Cameroon 38 Unknown

08/05 Landslide Ethiopia 13 Negligible

08/09 Landslide Uganda 35 Negligible

08/25 Flooding Sudan 148 Unknown

09/01 – 09/16 Flooding Mali 62 Unknown

09/06 – 09/09 Flooding Morocco, Algeria 23 Unknown

09/08 Flooding Nigeria 30 Unknown

10/21 – 10/25 Flooding South Africa 10 Unknown

11/02 Severe Convective Storm Uganda 14 Negligible

11/12 Landslide Madagascar 16 Negligible

11/22 Landslide DRC 11 Negligible

11/27 – 12/05 Landslide, Flooding Kenya, Uganda 40 Unknown

12/01 – 12/10 Flooding Malawi 11 Unknown

12/13 – 12/16 Cyclone Chido Southeastern Africa 172 2,000

82
 Asia (1/6)

Date(s) Event Location Deaths Economic Loss ($M)

01/01 Earthquake Japan 489 18,000

01/01 – 03/31 Winter Weather China 0 430

01/01 – 09/30 Drought China N/A 970

Appendix A: 2024 Global Disasters

01/01 – 05/31 Drought Philippines N/A 170

01/01 – 06/30 Drought Vietnam N/A 10

01/01 – 05/31 Drought Philippines N/A 165

01/14 – 01/22 Flooding Philippines 18 Millions

01/17 Winter Weather China 28 Negligible

01/19 – 01/23 Winter Weather China 0 370

01/22 Earthquake China, Kazakhstan 3 430

01/22 Landslide China 44 Millions

01/22 – 02/03 Flooding Philippines 22 70

01/24 – 02/09 Flooding Indonesia 4 Millions

02/04 – 02/08 Winter Weather China, Japan 11 2,600

02/06 Landslide Philippines 98 Negligible

02/18 – 02/19 Avalanche Afghanistan 27 Negligible

83
 Asia (2/6)

Date(s) Event Location Deaths Economic Loss ($M)

02/27 – 03/04 Flooding, Winter Weather Pakistan, Afghanistan, Iran 105 Millions

03/01 – 03/19 Flooding Indonesia 59 20

03/01 – 06/30 Heatwave India 733 N/A

Appendix A: 2024 Global Disasters

03/22 Earthquake Indonesia 0 40

03/23 – 03/29 Flooding India 6 Unknown

03/25 Severe Convective Storm China 0 80

03/31 Severe Convective Storm China 7 80

03/31 Severe Convective Storm India 5 10

03/31 – 04/03 Severe Convective Storm Pakistan 10 Unknown

04/01 – 04/30 Severe Convective Storm China 12 310

04/01 – 04/10 Flooding Russia, Kazakhstan 10 650

04/01 – 09/30 Heatwave Japan 252 N/A

04/03 Earthquake Taiwan 18 880

04/08 – 04/17 Flooding Afghanistan, Pakistan 207 Unknown

04/13 Landslide Indonesia 20 Negligible

04/16 Severe Convective Storm Japan 0 440

04/19 – 04/25 Flooding China 24 1,650

84
 Asia (3/6)

Date(s) Event Location Deaths Economic Loss ($M)

04/20 – 05/05 Heatwave Southeastern Asia 1,571 N/A

04/25 – 04/26 Landslide Indonesia 12 Negligible

04/27 Earthquake Indonesia 0 10

Appendix A: 2024 Global Disasters

04/28 – 04/29 Flooding Pakistan 17 Unknown

04/30 – 05/01 Severe Convective Storm Vietnam 1 10

05/01 Flooding China 48 Millions

05/01 – 05/31 Flooding China 3 170

05/01 – 05/31 Severe Convective Storm China 13 140

05/03 – 05/05 Flooding Indonesia 12 Unknown

05/05 Severe Convective Storm India 1 Millions

05/10 – 05/11 Flooding Afghanistan 347 Unknown

05/10 – 05/13 Severe Convective Storm India 17 Unknown

05/10 – 05/15 Severe Convective Storm Sri Lanka 10 Unknown

05/11 Landslide Indonesia 67 Millions

05/14 – 05/15 Sand Storm China 0 30

05/15 – 06/12 Flooding Sri Lanka 37 Unknown

05/17 – 05/18 Flooding Afghanistan 150 Unknown

85
 Asia (4/6)

Date(s) Event Location Deaths Economic Loss ($M)

05/18 – 05/27 Heatwave India, Pakistan 219 N/A

05/20 – 09/30 Heatwave South Korea 28 N/A

05/24 – 05/27 Typhoon Ewiniar Philippines 6 20

Appendix A: 2024 Global Disasters

05/25 – 05/28 Flooding Armenia 4 50

05/26 – 05/27 Cyclone Remal Bangladesh, India 84 620

06/01 – 08/31 Flooding India 125 1,500

06/01 – 06/19 Flooding Bangladesh 31 20

06/01 – 06/30 Severe Convective Storm China 19 550

06/04 – 06/07 Flooding Indonesia 6 Unknown

06/09 – 07/14 Flooding China 470 15,750

06/20 – 06/30 Heatwave Pakistan 568 N/A

06/23 – 06/24 Landslide Afghanistan 12 Unknown

07/01 – 07/31 Severe Convective Storm China 0 110

07/01 – 09/30 Flooding Pakistan 347 Unknown

07/05 Severe Convective Storm China 6 70

07/10 – 07/15 Flooding South Korea 5 250

07/11 – 07/15 Landslide Nepal 25 Unknown

86
 Asia (5/6)

Date(s) Event Location Deaths Economic Loss ($M)

07/12 Landslide Vietnam 11 Unknown

07/15 Flooding Afghanistan 58 Unknown

07/22 – 07/27 Typhoon Gaemi China, Taiwan, Philippines 108 1,300

Appendix A: 2024 Global Disasters

07/24 – 07/31 Flooding China 45 1,200

07/25 Flooding Japan 5 800

07/30 Landslide India 420 140

08/01 – 08/31 Flooding China 90 5,250

08/01 – 08/31 Severe Convective Storm China 14 90

08/16 – 08/24 Flooding Thailand 22 Unknown

08/19 – 08/24 Flooding India, Bangladesh 71 1,800

08/25 – 08/26 Flooding Indonesia 18 Unknown

08/25 – 08/27 Cyclone Asna India, Pakistan 73 100

08/28 – 09/01 Typhoon Shanshan Japan 8 500

08/30 – 09/09 Flooding India 43 810

09/01 – 09/09 Typhoon Yagi China, Southeast Asia 816 12,900

09/13 – 09/16 Typhoon Bebinca China, Philippines 8 140

09/15 – 09/19 Tropical Storm Soulik Philippines, Vietnam 29 20

87
 Asia (6/6)

Date(s) Event Location Deaths Economic Loss ($M)

09/18 Earthquake Indonesia 1 30

09/19 Severe Convective Storm Japan 0 50

09/19 – 09/22 Tropical Storm Pulasan China, Japan, South Korea 14 70

Appendix A: 2024 Global Disasters

09/26 Landslide Indonesia 13 Negligible

09/26 – 09/28 Flooding Nepal 246 340

09/30 – 10/04 Typhoon Krathon Philippines, Taiwan 7 30

10/23 – 10/27 Tropical Storm Trami Southeastern Asia 166 230

10/25 – 10/26 Cyclone Dana India, Bangladesh 6 Unknown

10/30 – 11/03 Typhoon Kong–rey Southeastern Asia 15 200

11/03 – 11/15 Volcanic Eruption Indonesia 9 Unknown

11/07 – 11/08 Typhoon Yinxing Philippines 1 10s of millions

11/11 – 11/12 Typhoon Toragi Philippines 2 10s of millions

11/14 – 11/16 Typhoon Usagi Philippines, Taiwan 0 10s of millions

11/16 – 11/17 Typhoon Man-yi Philippines 12 100

11/22 – 12/16 Flooding Thailand, Malaysia 39 230

11/23 – 11/25 Landslide, Flooding Indonesia 20 Unknown

11/25 – 11/30 Tropical Depression Fengal Sri Lanka, India 37 Unknown

12/03 – 12/10 Flooding Indonesia 10 Unknown

88
 Oceania (1/1)

Date(s) Event Location Deaths Economic Loss ($M)

02/13 – 02/14 Severe Convective Storm Australia 0 180

03/19 Flooding, Landslide Papua New Guinea 23 60

04/03 – 04/08 Severe Convective Storm Australia 0 260

Appendix A: 2024 Global Disasters

12/17 Earthquake Vanuatu 14 30

05/24 Landslide Papua New Guinea 12 Negligible

89
 Appendix B: Long-Term Natural Disaster Trends

Exhibit 45: Global Economic Losses from Natural Disasters Since 1950 Exhibit 46: Cumulative Global Economic Losses by Peril Since 1950
(2024 $B) (2024 $B)
Flooding 3,363
Appendix B: Long-Term Natural Disaster Trends

700 3,216
Tropical Cyclone
Earthquake
600
Severe Convective Storm
Drought
500
Winter Weather
2,141
European Windstorm
400
Wildfire
Other 1,544
300 1,485

200

635
100
287
265
38
1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025

Data: Aon Catastrophe Insight Data: Aon Catastrophe Insight

90
 Exhibit 47: Global Insured Losses from Natural Disasters Since 1950 Exhibit 48: Cumulative Global Insured Losses by Peril Since 1950
(2024 $B) (2024 $B)
200 Tropical Cyclone 915
Appendix B: Long-Term Natural Disaster Trends

Severe Convective Storm 881

175 Flooding
Earthquake
150
Drought
Winter Weather
125
European Windstorm
Wildfire
100
Other 408
75

50 215
185
162
25 111

4
1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025

Data: Aon Catastrophe Insight Data: Aon Catastrophe Insight

91
 Appendix C: Historical Natural Disaster Events

Footnote: The following tables provide a look at specific global natural disaster events since 1900. Please note that the adjusted-for-inflation totals
in 2024 dollars) totals were converted using the U.S. Consumer Price Index (CPI). Insured losses include those sustained by private industry and
government entities such as the U.S. National Flood Insurance Program (NFIP). Inflation-adjusted losses are used since they represent actual
incurred costs in today’s dollars. Normalized values, while very valuable for analyzing historical scenarios using today’s population, exposure and
Appendix C: Historical Natural Disaster Events

wealth, are hypothetical. Please note that some of these values have been rounded to the nearest whole number; 2024 disaster events that ranked
among the top 10 costliest are highlighted.
2024 disaster events that ranked among the Top 10 costliest events are highlighted.
Exhibit 49: Top 10 Costliest Global Economic Loss Events (1900 – 2024)

Date(s) Event Location Economic Loss Economic Loss

(Nominal $B) (2024 $B)
March 11, 2011 Tohoku Earthquake and Tsunami Japan 235 332

January 17, 1995 Great Hanshin Earthquake Japan 103 215

August 2005 Hurricane Katrina United States 125 201

May 12, 2008 Sichuan Earthquake China 122 177

August 2017 Hurricane Harvey United States 125 161

September 2017 Hurricane Maria Puerto Rico, Caribbean 90 115

October 2012 Hurricane Sandy U.S., Caribbean, Canada 77 105

September 2022 Hurricane Ian U.S., Cuba 96 101

September 2017 Hurricane Irma U.S., Caribbean 77 99

January 17, 1994 Northridge Earthquake United States 44 95

92
 Exhibit 50: Top 10 Costliest Global Insured Loss Events (1900 – 2024)

Date(s) Event Location Insured Loss Insured Loss

(Nominal $B) (2024 $B)
August 2005 Hurricane Katrina United States 65 104
Appendix C: Historical Natural Disaster Events

September 2022 Hurricane Ian U.S., Cuba 54 57

March 11, 2011 Tohoku Earthquake and Tsunami Japan 35 49

September 2017 Hurricane Irma U.S, Caribbean 33 43

August – September 2021 Hurricane Ida U.S., Caribbean 36 42

October 2012 Hurricane Sandy United States 30 41

August – September 2017 Hurricane Harvey United States 30 39

September 2017 Hurricane Maria Puerto Rico, Caribbean 30 38

August 1992 Hurricane Andrew U.S., Bahamas 16 36

January 17, 1994 Northridge Earthquake United States 15 33

93
 Exhibit 51: Top 10 Costliest Tropical Cyclones: Economic Loss (1900 – 2024)

Date(s) Event Location Economic Loss Economic Loss

(Nominal $B) (2024 $B)
August 2005 Hurricane Katrina United States 125 201
Appendix C: Historical Natural Disaster Events

August – September 2017 Hurricane Harvey United States 125 161

September 2017 Hurricane Maria U.S., Caribbean 90 115

October 2012 Hurricane Sandy U.S., Caribbean 77 105

September 2022 Hurricane Ian U.S., Cuba 96 101

September 2017 Hurricane Irma U.S., Caribbean 77 99

August – September 2021 Hurricane Ida U.S., Caribbean 75 87

September 2024 Hurricane Helene U.S., Mexico, Cuba 75 75

August 1992 Hurricane Andrew U.S., Bahamas 27 61

September 2008 Hurricane Ike U.S., Caribbean 38 55

94
 Exhibit 52: Top 10 Costliest Tropical Cyclones: Insured Loss (1900 – 2024)

Date(s) Event Location Insured Loss Insured Loss

(Nominal $B) (2024 $B)
August 2005 Hurricane Katrina United States 65 104
Appendix C: Historical Natural Disaster Events

September 2022 Hurricane Ian U.S., Cuba 54 57

September 2017 Hurricane Irma U.S., Caribbean 33 43

August – September 2021 Hurricane Ida U.S., Caribbean 36 42

October 2012 Hurricane Sandy U.S., Caribbean, Canada 30 41

Augus – September 2017 Hurricane Harvey United States 30 39

September 2017 Hurricane Maria U.S., Caribbean 30 38

August 1992 Hurricane Andrew U.S., Caribbean 16 36

September 2008 Hurricane Ike U.S., Caribbean 18 27

October 2024 Hurricane Milton U.S., Mexico 20 20

95
 Exhibit 53: Top 10 Costliest Severe Convective Storm Events: Economic Loss (1900 – 2024)

Date(s) Event Location Economic Loss Economic Loss

(Nominal $B) (2024 $B)
August 2020 Midwest Derecho United States 14 17
Appendix C: Historical Natural Disaster Events

April 2011 Super Tornado Outbreak United States 10 14

May 2011 Joplin Tornado/SCS United States 9.1 13

April 1965 Palm Sunday Outbreak United States 1.2 12

April 1974 Super Outbreak United States 1.5 10

March – April 1973 SCS Outbreak United States 1.3 9.2

May 2003 SCS Outbreak United States 4.5 7.7

July 2023 European Hailstorms Europe 7.1 7.3

July 2013 Storm Andreas Europe 5.3 7.1

April 1979 Texas Tornadoes, Flooding United States 1.5 6.7

96
 Exhibit 54: Top 10 Costliest Severe Convective Storm Events: Insured Loss (1900 – 2024)

Date(s) Event Location Insured Loss Insured Loss

(Nominal $B) (2024 $B)
August 2020 Midwest Derecho United States 9.2 11
Appendix C: Historical Natural Disaster Events

April 2011 Super Outbreak United States 7.6 11

May 2011 Joplin Tornado/SCS United States 7.0 9.8

May 2003 SCS Outbreak United States 3.3 5.7

May 2024 SCS Outbreak United States 5.2 5.2

July 2013 Storm Andreas Europe 3.8 5.1

March 2023 SCS Outbreak United States 4.9 5.1

March 2024 Central U.S. SCS Outbreak United States 4.8 4.8

March – April 2023 Tornado Outbreak United States, Canada 4.3 4.5

May 2019 SCS Outbreak United States 3.7 4.5

97
 Exhibit 55: Top 10 Costliest Floods: Economic Loss (1900 – 2024)

Date(s) Event Location Economic Loss Economic Loss

(Nominal $B) (2024 $B)
June – December 2011 Thailand Floods Thailand 45 63
Appendix C: Historical Natural Disaster Events

June – September 1998 Yangtze River Floods China 31 61

June – August 2010 Yangtze River Floods China 39 56

July 2021 Western Europe Floods (Bernd) Europe 46 53

June – August 1993 Mississippi Floods United States 21 46

June – September 2020 China Seasonal Floods China 35 43

July – August 1931 Yangtze River Floods China 2.0 42

June – August 1953 Japan Floods Japan 3.2 38

May – August 2016 Yangtze River Floods China 28 37

June – September 2021 China Seasonal Floods China 31 36

98
 Exhibit 56: Top 10 Costliest Earthquakes: Economic Loss (1900 – 2024)

Date(s) Event Location Economic Loss Economic Loss

(Nominal $B) (2024 $B)
March 11, 2011 Tohoku Earthquake, Tsunami Japan 235 332
Appendix C: Historical Natural Disaster Events

January 16, 1995 Great Hanshin Earthquake Japan 103 215

May 12, 2008 Sichuan Earthquake China 122 177

January 17, 1994 Northridge Earthquake United States 44 95

February 6, 2023 Turkey, Syria Earthquake Turkey, Syria 90 95

November 23, 1980 Irpinia Earthquake Italy 20 74

April 14, 2016 Kumamoto Earthquake Japan 38 50

October 23, 2004 Chuetsu Earthquake Japan 28 46

February 27, 2010 Chile Earthquake Chile 30 44

December 7, 1988 Armenian Earthquake Armenia (Present Day) 16 42

99
 Exhibit 57: Top 10 Costliest Wildfires: Insured Loss (1900 – 2024)

Date(s) Event Location Insured Loss Insured Loss

(Nominal $B) (2024 $B)
November 2018 Camp Fire United States 10 13
Appendix C: Historical Natural Disaster Events

October 2017 Tubbs Fire United States 8.7 11

November 2018 Woolsey Fire United States 4.2 5.3

August 2023 Maui/Hawaii Fire United States 4.3 4.4

October 1991 Oakland Fire United States 1.7 3.9

October 2017 Atlas Fire United States 3.0 3.8

May 2016 Horse Creek Fire Canada 2.9 3.7

August 2023 Maui/Hawaii Fire United States 4.3 4.4

September – October 2020 Glass Fire United States 3.0 3.6

August – September 2020 CZU Complex Fire United States 2.5 3.0

December 2017 Thomas Fire United States 2.3 2.9

100
 Exhibit 58: Top 10 Global Human Fatality Events in the Modern Era, Excluding Drought and Heatwave Events
(1950 – 2024)

Date(s) Event Location Economic Loss Deaths

(2024 $B)
November 12, 1970 Cyclone Bhola Bangladesh 0.7 300,000
Appendix C: Historical Natural Disaster Events

July 27, 1976 Tangshan Earthquake China 37 242,769

July 30, 1975 Typhoon Nina Taiwan, China 7.0 230,029

December 26, 2004 Indian Ocean EQ, Tsunami Indian Ocean Basin 31 226,408

January 12, 2010 Port-au-Prince Earthquake Haiti 12 160,000

April 1991 Cyclone Gorky Bangladesh 4.2 139,000

May 2008 Cyclone Nargis Myanmar 18.8 138,366

August 1971 Vietnam Floods Vietnam N/A 100,000

October 8, 2005 Kashmir Earthquake Pakistan 10.6 88,000

May 12, 2008 Sichuan Earthquake China 177 87,652

101
 Appendix D: Global Tropical Cyclone Activity

Note that 1990 is generally considered the first year when global tropical cyclone (TC) data are best verified in every basin. Data from the Southern Hemisphere prior to 1990 is still subject to
future reanalysis by official tropical cyclone agencies. The Southern Hemisphere statistics below include full calendar year 2024 events. TCs within all basins are classified based on the
Saffir-Simpson hurricane wind scale. Multiple landfalls made by one TC are not included in the global statistics below.
While there continue to be increasing instances of costlier and more impactful landfalling tropical cyclones, there has yet to be any obvious shift in landfall trends across the globe.
Appendix D: Global Tropical Cyclone Activity

This suggests that losses are largely being driven by the increased levels of population and exposure along vulnerable coastal locations. However, as thoroughly referenced elsewhere
in this report, emerging trends indicate that tropical cyclones are intensifying at a faster rate and reaching the highest intensity levels for longer periods and near the point of landfall.

Exhibit 59: Global Cat 1+ Tropical Cyclone Landfalls Exhibit 60: Global Cat 3+ Tropical Cyclone Landfalls

33 11 11
10 10 10 10

26 26 9 9
24 8 8 8 8
23
21 21 21 7 7 7 7
19 19
18 18 18 18 18 6 6 6 6
17 17 17 17 17 17
16 16 16 16 16
15 15 5 5 5 5
14 14 14
13
12 4 4 4 4 4 4
10 10
3 3 3 3
2

1990 1995 2000 2005 2010 2015 2020 1990 1995 2000 2005 2010 2015 2020

West Pacific North Indian S. Hemisphere East Pacific Atlantic West Pacific North Indian S. Hemisphere East Pacific Atlantic

Data: NOAA Data: NOAA

102
 Appendix E: United States Storm Reports

Given the increased cost of severe weather-related damage in the United States during the past decade for insurers, the following is a number of tornado and large hail reports. The data
comes via NOAA’s Storm Prediction Center. Please note that data prior to 1990 are often considered incomplete given a lack of reporting. The implementation of Doppler radar, greater social
awareness and increased reporting has led to more accurate datasets in the last 35 years. Data from 2024 is to be considered preliminary.
Appendix E: United States Storm Reports

Exhibit 61: U.S. EF0+ Tornado Reports Since 1950 Exhibit 62: U.S. 2+ Inches Hail Reports Since 1955

Pre-Doppler Radar Era Doppler Radar Era

2,000 Pre-Doppler Radar Era Doppler Radar Era 1,500

1,250
1,500

1,000

1,000 750

500
500
250

1950 1960 1970 1980 1990 2000 2010 2020 1960 1970 1980 1990 2000 2010 2020

EF0-1 Tornadoes EF2+ Tornadoes Data: NOAA

Data: NOAA

103
 Appendix F: Global Earthquakes

Based on the historical data from the United States Geological Survey (USGS), 2024 saw at least 100 earthquakes with magnitudes of 6.0 or greater, the lowest occurrence since 1982
and well below the 21st-century average (151). At least 10 earthquakes reached magnitude of 7.0 or greater. Overall earthquake activity does not often show large fluctuations on an annual
basis. This is especially true given the extensive network of global seismograph stations that has led to an improved and more robust dataset in recent decades.

Exhibit 63: Global M7.0+ Earthquakes Since 1950 Exhibit 64: Global M6.0+ Earthquakes in 2024
Appendix F: Global Earthquakes

25

20

15

10

1950 1960 1970 1980 1990 2000 2010 2020

M7.0 – 7.9 M8.0+

M6.0 - M6.9 M7.0 - M7.9
Data: USGS Data: USGS

104
 Appendix G: United States Wildfires

The following wildfire data in the United States is provided by the National Interagency Fire Center (NIFC), which began compiling statistics under its current methodology in 1983. Previous
data was collected by the National Interagency Coordination Center (NICC) from 1960 to 1982, but used a different methodology. It is not advised to compare pre-1983 data to post-1983 data
given these different data collection methods.

Exhibit 65: Area Burned by Wildfires in the United States Exhibit 66: Area Burned per Wildfire in United States Wildfires
Appendix G: United States Wildfires

Since 1960 (million acres) Since 1960 (acres)

NICC Methodology NIFC Methodology 200 NICC Methodology NIFC Methodology

10

150
8

6
100

50
2

1960 1970 1980 1990 2000 2010 2020 1960 1970 1980 1990 2000 2010 2020

Data: NIFC, NICC Data: NIFC, NICC

105
 Additional Report Details

All financial loss totals are in U.S. dollars ($) unless Damage estimates are obtained from various public
noted otherwise. media sources, including news websites, publications
from insurance companies, financial institution press
DR = Drought, EQ = Earthquake, WS = European Windstorm,
releases and official government agencies. Damage
FL = Flooding, SCS = Severe Convective Storm, TC = Tropical
estimates are determined based on various public media
Cyclone, WF = Wildfire, WW = Winter Weather, VL = Volcano,
sources, including news websites, publications from
HW = Heatwave, LS = Landslide
insurance companies, financial institution press releases
TD = Tropical Depression, TS = Tropical Storm, HU = Hurricane, and official government agencies. Economic loss totals
Additional Report Details

TY = Typhoon, STY = Super Typhoon, CY = Cyclone are separate from any available insured loss estimates.
Fatality estimates as reported by public news media An insured loss is the portion of the economic loss
sources and official government agencies. covered by public or private insurance entities. In rare
instances, specific events may include modeled loss
Structures defined as any building — including barns,
estimates determined from utilizing Impact Forecasting’s
outbuildings, mobile homes, single or multiple family
suite of catastrophe model products.
dwellings and commercial facilities — that is damaged or
destroyed by winds, earthquakes, hail, flood, tornadoes,
hurricanes or any other natural-occurring phenomenon.
Claims defined as the number of claims (which could be a
combination of homeowners, commercial, auto and others)
reported by various public and private insurance entities
through press releases or various public media outlets.

106
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