Global Natural Disasters in 2024 Cause $320 Billion in Damages

Munich Re's report highlights the escalating role of climate change in driving extreme weather events and economic losses worldwide.

2024 recorded $320 billion in global economic losses from natural disasters, with $140 billion covered by insurance, making it the third-costliest year for insurers since 1980.
The year saw a 1.5°C rise in global temperatures above pre-industrial levels, the highest ever recorded, fueling more severe storms, floods, and other extreme weather events.
Hurricane Helene caused the highest damages at $56 billion, followed by Hurricane Milton at $38 billion, with both storms heavily impacting North America.
Europe experienced devastating floods, including in Spain's Valencia region, where a single day of rainfall equaled an entire year's average, causing $11 billion in damages.
Munich Re's analysis emphasizes the growing link between climate change and extreme weather, warning of increased risks as ocean temperatures remain unusually high.