North America (including Central America and the Caribbean) once again reported the highest share of global natural catastrophe losses, and a higher proportion than usual (about 60% of total losses, 10-year average 54%). In total, losses amounted to around US$ 190bn, of which around US$ 108bn were insured.<\/p>\n
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In addition to hurricanes, severe thunderstorms also caused enormous damage: in the USA alone, they were responsible for US$ 57bn in losses, US$ 41bn of which were insured. The sums are only slightly below the previous year\u2019s record figures of US$ 66bn and US$ 51bn, making 2024 the second costliest year for this kind of storm. Two severe thunderstorm fronts that struck the Midwest in March and Texas in May, accompanied by numerous tornadoes, were among the costliest insured loss events of the year. Together they caused total losses of almost US$ 13bn, with around US$ 10bn of that insured. The figures confirm the trend: non-peak events such as severe thunderstorms are now causing cumulative damage equivalent to a severe hurricane year after year \u2013 with insurers bearing a significant share of the costs.<\/p>\n
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For Canada, the losses from natural disasters in 2024 were the highest ever since 1980, with overall losses of US$ 10bn, of which US$ 6bn were insured. The losses were driven in large part by a severe hailstorm that hit Calgary and the surrounding region in August, flooding caused by heavy precipitation from the remnants of Hurricane Debby, also in August, and a severe wildfire in Jasper National Park, which destroyed parts of the historical town of Jasper in July. With overall losses of US$ 2.8bn, the Calgary hailstorm was the fifth-costliest natural disaster in Canada since 1980.<\/p>\n
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In Southern Brazil, extreme rainfall in late April and early May led to severe flooding. Almost the entire federal state of Rio Grande do Sul was affected. It was one of the worst floods in Brazil in recent decades. The damage is estimated at around US$ 7bn, of which US$ 2bn were insured.<\/p>\n
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