Aon Report Details a Notable Decline in Q1 2024 Catastrophic Losses Compared to Previous Year

Aon’s first-quarter catastrophe recap for 2024 provides a detailed analysis of global natural disasters, revealing a significant reduction in economic and insured losses compared to the previous year. The Noto earthquake in Japan, occurring on January 1, was the costliest, with economic damages estimated at $17.6 billion. Insured losses are still evolving but are expected to surpass $660 million. In the United States, severe convective and winter storms were predominant, contributing to the majority of the $13 billion in insured losses noted.

Chile’s catastrophic wildfires marked the deadliest since 2010, with economic losses nearing $1 billion, underscoring a critical need for enhanced insurance coverage. These events underscore the importance of improving catastrophe preparedness and response strategies across the globe.

Additionally, the report highlights the impact of record-breaking global temperatures on drought conditions and wildfire activities, forecasting an extremely active upcoming hurricane season. This poses significant challenges for disaster management and the insurance industry, emphasizing the need for proactive risk management measures.