Global losses from natural disasters reached 320 billion U.S. dollars in 2024
Clean Energy Wire
Natural disasters worldwide caused losses of 320 billion U.S. dollars in 2024, up from an inflation-adjusted 268 billion in 2023, of which around 140 billion U.S. dollars were insured, said German reinsurance company Munich RE.
Weather catastrophes such as powerful hurricanes, severe thunderstorms and floods were responsible for 93 percent of overall losses and 97 percent of insured losses. In terms of insured losses, it was the third most expensive year; in terms of total losses, 2024 ranks fifth on the cost scale since 1980, said Munich Re.
“The destructive forces of climate change are becoming increasingly evident, as backed up by science,” said Thomas Blunck, member of the board of management at Munich Re. “Societies need to prepare for more severe weather catastrophes.” Munich Re said it is expanding and adapting its risk models to address these developments.
As global temperatures rise, extreme weather events become more frequent and more intense, requiring countries across the world to adapt. Latest data released by the Copernicus Climate Change Service show that 2024 was the first year with an average temperature clearly exceeding 1.5°C above the pre-industrial level – a threshold set by the Paris Agreement to significantly reduce the risks and impacts of climate change. It is generally agreed that temperatures averaged over two or three decades are needed to confirm that the Paris Agreement’s 1.5°C limit is breached.
