September floods in Central Europe were the world's eighth most expensive natural disaster of 2024

Direct losses from natural catastrophes in 2024 are estimated at $417 billion, 15 percent above the 10-year average. This is according to a study by Gallagher Re: Natural catastrophe and climate report 2024. Only seven of last year's global losses exceeded the economic value of the floods caused by Storm Boris, which hit Central Europe, particularly the Czech Republic, in September.       

Last year's biggest economic loss, at USD 78bn, was caused by Hurricane Helene, which struck the US east coast at the end of September. This was followed by another hurricane, Milton, in October, which caused $35bn of damage in the US and Mexico. The most expensive European catastrophe, according to analysts at reinsurance broker Gallagher Re, was October's flash floods in Valencia, Spain, which caused $12bn of damage.   

Europe's second most expensive loss last year, and the world's eighth most expensive, was the aftermath of Boris, which hit nine mainly central European countries, led by the Czech Republic, during the week of 11-18 September. According to Gallagher Re, the estimated economic loss across the affected Central European region is USD 9 billion, or approximately CZK 218 billion.  

The full Gallagher Re: Natural catastrophe and climate report 2024 is available here.