3rd Quarter Catastrophe Losses Exceed $1 Billion

Insured catastrophe losses for the third quarter of 2020 turned out to be lower than most industry observers expected. NOAA reported that as of October 7, 16 weather or climate disaster events resulted in economic losses exceeding $1 billion each this year, events that included a drought, eleven severe storms, three tropical cyclones and a wildfire, all of which significantly affected the areas hit by these disasters. These 16 events in the first nine months of 2020 are the same number as the annual record level set in 2011 and repeated in 2017.