Global insured losses from natural catastrophes in the first quarter were estimated at $20 billion, with U.S. claims accounting for more than $15 billion, or 75%, of the Q1 total, according to a Gallagher Re in a report.
Despite a quarter defined by major events such as several billion-dollar outbreaks of severe convective storms (SCS) in the US, a USGS-registered magnitude-7.5 earthquake in Japan and an active European windstorm season, financial costs from natural catastrophes were “manageable,” said Gallagher Re in its report titled Natural Catastrophe and Climate Report: Q1 2024.
The reinsurance broker said