Natural disasters cause $310 billion in economic losses in 2024: Swiss Re

Zurich: In a year set to be declared the hottest on record, natural disasters caused $310 billion in economic losses globally in 2024, as climate chan...

Zurich: In a year set to be declared the hottest on record, natural disasters caused $310 billion in economic losses globally in 2024, as climate change increasingly takes its toll, Swiss Re said on Thursday.

The estimated economic losses from natural disasters were six-percent higher than in 2023, which currently stands as the hottest year ever, the Zurich-based reinsurance giant said in a statement.

Of the total, insured losses swelled by 17 percent year-on-year to $135 billion, with the devastating hurricanes Helene and Milton in the United States and intense flooding in Europe pushing up the costs, it said.

It marks the fifth consecutive year that insured losses have topped $100 billion, the Swiss company said.