In 2024, we witnessed the third most expensive year for natural catastrophe losses, totaling approximately $140 billion in insured losses, as climate change continues to impact our world. According to Munich Re, overall economic losses reached $320 billion, up from $268 billion in 2023 (adjusted for inflation).
Notably, insured losses have surpassed $100 billion for the fifth consecutive year, with non-peak perils like floods and wildfires contributing significantly—$136 billion in total losses and $67 billion insured. While these figures are slightly lower than 2023, they remain well above the 10-year averages.
Tropical cyclones alone accounted for $135 billion in total losses, primarily driven by major hurricanes in the U.S., which caused over $105 billion in overall losses.
As we face rising losses from natural disasters, the importance of robust risk management and climate resilience strategies has never been clearer.
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