The 2024 Atlantic hurricane season is concluding with a record 18 named storms, including the earliest Category 5 hurricane on record and significant insured losses that could total between $25.5 billion and $68.5 billion. Hurricane Milton, which made landfall in October, is projected to be one of the costliest storms in U.S. history, with private insured-loss estimates reaching as high as $50 billion. Other notable hurricanes included Helene, which was the deadliest storm since Hurricane Katrina, and Beryl, the earliest Category 5 in the Atlantic, leading to hundreds of millions in losses across various insurers. The season showcased a trend of substantial financial impacts on the primary insurance market, as reinsurers raised attachment points in early 2024, affecting how losses are managed by insurers.
