Catastrophe losses hit $30 billion in first six months of 2020

Global insured losses from natural disasters totaled $30 billion for the first half of 2020, according to a report issued Wednesday by Aon PLC.

The estimate is down 21% from the 10-year average of $38 billion for first-half losses, up 8% from the average of $28 billion for the past 20 years and 54% higher than the $20 billion average since 1980.

The U.S. saw the largest share of losses at $21 billion; Europe, Middle East and Africa saw $4 billion in losses; the Asia-Pacific region saw $3 billion; and the Americas region, excluding the U.S., $2 billion in losses, according to the report.

Nine loss events in the first half of 2020 – all weather-related – hit $1 billion. Severe convective storms generated seven different billion-dollar events in the United States during March, April and May, while one occurred in Australia in January and Windstorm Ciara, also known as Sabine, hit a large part of Europe in February, the report said.

Economic losses from natural disasters totaled $75 billion in the first half of 2020.

Source: Business Insurance