MILLIRE ENG2024

While overall losses from the 2024 Atlantic hurricane season amounted to USD 130 billion, insured losses are estimated to be around USD 49 billion. Being severely impacted by a series of devastating natural disasters last year, in 2024, Europe battled with widespread flood events, driven by the increasing impacts of climate change. These events resulted in a total economic loss of USD 31 billion, while insured losses were limited to USD 10 billion, highlighting the considerably significant protection gap even in such developed countries. The first major flood of the year occurred in late May - early June affecting Southern Germany. A low-pressure system from the Mediterranean brought along prolonged rainfall far above monthly averages, which severely impacted the Baden-Württemberg and Bavaria regions, causing rivers to overflow and dams to burst. The total economic cost of the disaster was estimated at USD 5 billion, with insured losses amounting to USD 2 billion. This time in September, Storm Boris caused widespread flooding across Central Europe. The storm affected countries such as Austria, Czechia, and Poland, bringing torrential rainfall exceeding 500 mm in some areas. This severe flooding, which was one of the costliest flood disasters in Europe in recent years, caused significant damage to infrastructure, resulting in an estimated total economic loss of USD 9 billion and insured losses of only USD 2.3 billion. The flooding that struck Spain’s Valencia region in late October was by far the costliest and most destructive natural disaster impacting the continent in 2024. A record- breaking 771 mm of rainfall fell in just 14 hours in Turís Mas de Calabarra and with torrential rainfalls and flash floods, the disaster led to significant damage in newly developed urban areas. Affecting more than 190,000 people and causing extensive damage to property, agriculture and infrastructure, the total economic cost of the disaster is estimated to be around USD 12 billion. On the other hand, the disaster is expected to lead a bill of approximately USD 3.7 billion for the insurance industry. Another devastating natural disaster in 2024 was the flash floods induced by heavy rainfall that impacted the Arabian Peninsula between the dates April 13 th and 17 th . On April 16 th , the UAE experienced its heaviest rainfall on record in 75 years, with extreme floods causing significant damage to infrastructure, property, and vehicles in cities like Dubai and Abu Dhabi. While the total economic cost of the disaster is expected to reach USD 8.6 billion, insured losses are estimated to be around USD 2.8 billion, making 2024 the costliest year on record for the UAE insurance market and highlighting the region’s vulnerability to extreme weather events. GENERAL INFORMATION FINANCIAL RIGHTS PROVIDEDTOTHE MEMBERS OF THE GOVERNING BODY AND SENIOR EXECUTIVES RISKS AND ASSESSMENT OF THE GOVERNING BODY ACTIVITIES AND MAJOR DEVELOPMENTS RELATED TO ACTIVITIES RESEARCH & DEVELOPMENT ACTIVITIES FINANCIAL STATUS FINANCIAL INFORMATION 61 2024 Annual Report