Key facts
- Global economic losses from extreme weather events were 10% lower than the 10-year average in 1H 2024.
- Total economic losses from extreme weather events reached $100 billion in 1H 2024.
- Economic losses in 1H 2024 were down 34% on the year.
- Insured losses from extreme weather events were $42 billion in 1H 2024.
- Swiss Re warns of rising natural catastrophe risk despite lower recent losses.
Global economic losses stemming from extreme weather events in the first half of 2024 have decreased by 10% compared to the 10-year average, Swiss Re reported. The total economic losses for the period reached $100 billion, marking a significant 34% drop from the same period in the previous year. Insured losses, which represent the portion covered by insurance policies, were recorded at $42 billion. Despite this apparent reduction in immediate financial impact, Swiss Re's analysis highlights a concerning underlying trend: the rising risk associated with natural catastrophes. The firm suggests that the lower figures for the first half of the year do not reflect a decrease in the overall threat posed by extreme weather and other natural disasters, but rather a temporary fluctuation that masks a more serious, escalating risk landscape.