Global natural catastrophe insured losses passed $102 billion ($153 billion) in the first nine months of the year as the US clocked up 26 billion-dollar events, according to Aon.

The annual insured loss is likely to be higher than last year’s $US125 billion ($187.5 billion), the broker says, as Hurricane Milton and other expected events add to the total.  

There were at least 280 notable natural catastrophes from January to September. In Australia, severe convective storms caused insured losses of $US180 million ($270 million) in February and $US260 million ($390 million) in April.

Aon says the protection gap of 60% is “one of the lowest on record” due to a higher contribution from insured losses in the US, where penetration is highest. Most of the losses were retained by insurers, prolonging a period of exceptional returns for reinsurers, Aon says.

Third-quarter insured losses were driven by three Atlantic hurricanes, storms in the US and Canada, and flooding in central Europe.

Typhoon Yagi was the deadliest and third-costliest event in the nine months. It was the costliest event on record in Vietnam.

The number of deaths from natural disasters to the end of the third quarter was estimated at about 13,000 – the lowest since 1986.

See the report here.