2024 Natural Disasters Result in Record Losses Amid Climatic Extremes

In 2024, natural disasters caused global losses of approximately US$ 320 billion, with insured losses reaching US$ 140 billion, an article on Reliefweb.com has revealed. This marks a significant increase from the inflation-adjusted US$ 268 billion in total losses reported in 2023. Weather-related catastrophes accounted for 93% of overall losses and 97% of insured losses, underscoring the growing impact of climate change.

The year was noted for its record-breaking temperatures, with average global temperatures around 1.5°C higher than pre-industrial levels. This trend contributed to severe weather events, including powerful hurricanes, thunderstorms, and floods. Notably, Hurricanes Helene and Milton were among the most destructive, causing losses of US$ 56 billion and US$ 38 billion, respectively. Helene’s aftermath saw significant flooding across the southeastern United States, leading to over 200 fatalities.

In North America, total losses amounted to about US$ 190 billion, with US$ 108 billion insured. Severe thunderstorms contributed US$ 57 billion in losses, making 2024 the second costliest year for this type of event. Canada experienced its highest disaster losses since 1980, totaling US$ 10 billion.

Europe faced losses of US$ 31 billion, primarily due to extreme flooding in Spain, which resulted in 200 fatalities and US$ 11 billion in damages. In Asia-Pacific, total losses reached US$ 91 billion, driven by an earthquake in Japan and Typhoon Yagi, which caused substantial fatalities and damages.

Overall, the year ranked as the third most expensive for insured losses and the fifth highest for total losses since 1980. The increasing frequency and severity of weather-related disasters highlight the urgent need for enhanced risk management and climate resilience strategies.