Gallagher Re Natural Catastrophe and Climate Report 2024

In 2024, the estimated total direct economic costs from global natural perils were USD417 billion. The private insurance market and public insurance entities covered USD154 billion of that total. The annual average loss from natural catastrophes from 2017 to 2024 has cost insurers USD146 billion. This suggests a 'new normal' approaching USD150 billion per year.

The severity and frequency of natural catastrophe events continue to rise, impacting both traditional and non-traditional insurance markets worldwide. These developments highlight the growing need to better understand the interconnected risks posed by climate change, specific peril loss drivers, and socioeconomic factors.

With insights from Gallagher Re experts, the broader Gallagher family, and our academic partners via the Gallagher Research Centre, this report provides a comprehensive analysis of natural catastrophe and climate risk trends, offering guidance to clients and stakeholders across the private and public sectors.

Readers of this report can expect to:

• Explore global and regional catastrophe peril and loss drivers
• Learn more about emerging hazard or loss trends at a global or regional level to better prepare for tomorrow's risks
• Identify the role of climate change and how it continues to influence decision-making by the (re)insurance industry
• Better understand how global regulators are using global circulation models (GCMs) to implement/develop climate stress test scenarios for financial stakeholders

View Full Report Natural Catastrophe and Climate Report: 2025