Loss activity through the first half of 2020 was dominated by COVID-19. There is considerable uncertainty embedded in each COVID-19 loss estimate released to date. The current average of all reported ranges (shown in the chart below) is ~USD 60 billion.
Insured catastrophe loss activity elsewhere has been close to the 10-year average for the first-half period (see chart below), with significant losses emanating from convective storm activity in the United States during the second quarter. While overall totals were close to average, it is worth noting this is a record sixth consecutive year with at least 10 separate billion-dollar disasters and a near-record pace for number of billion-dollar disasters during the first half of the year in the United States. Other notable (>USD 1 billion) events included severe hailstorms in Australia in January, and Windstorm Sabine/Ciara, which affected the United Kingdom and Northern Europe in February.
*Note: This chart excludes the impact of any COVID-19-related losses