Climate Change's Toll: A Record $140 Billion in Insured Losses in 2024

In 2024, natural disasters resulted in insured losses totalling $140 billion, marking one of the most expensive years on record. Munich Re highlights the influence of rising global temperatures on the frequency of such events. Both hurricanes and fires contributed to the significant economic impact.

Hurricanes, storms, and floods led to $140 billion in insured losses in 2024, according to Munich Re, surpassing the $106 billion recorded in 2023. This marks one of the costliest years attributed to natural disasters on record and exceeds long-term averages.

Munich Re, the largest global insurer, emphasized that the escalation in losses highlights the growing impact of climate change, as rising temperatures contribute to more frequent and severe weather events. This trend aligns with but exceeds prior forecasts from Swiss Re.

The total economic impact of natural catastrophes, insured or not, reached $320 billion in 2024. Notably, hurricanes Helene and Milton inflicted severe damage in the United States, during a year when wildfires forced mass evacuations in places like Los Angeles, underscoring urgent concerns around climate risk.

(With inputs from agencies.)