In this report, we summarize the global loss totals for the first quarter and focus on key issues driving current industry discussions regarding natural catastrophe and climate risk.

The financial cost of natural catastrophes to start 2024 were manageable for federal governments and the insurance industry. The minimum USD43 billion in economic loss from all natural perils was 17% lower than the most recent 10-year Q1 average (USD52 billion). As we enter quarter two and quarter three, there will be close focus on the expected quick transition from El Niño to La Niña conditions in the central and eastern Pacific Ocean. This could translate to above average activity during the upcoming Atlantic hurricane season and lead to other notable global weather or climate extremes.

In this quarter's report, we review:

  • Preliminary YTD (first quarter) global loss totals from natural catastrophe events and a recap of select major events
  • The likely transition from El Niño to La Niña, and how this may combine with climate change to initiate more extreme behavior from weather or climate events
  • An overview of relevant insurance industry topics such as loss development and the recent announcement of the US SEC climate regulations