ESG & Investing
Natural Disasters Led to $250 Billion in Global Losses Last Year
- Just $95 billion of losses were insured, Munich Re estimates
- Industry is having to reclassify risks around thunderstorms
Residents rescued from flooded homes following Storm Daniel in Palamas, Greece, in 2023.
Photographer: Konstantinos Tsakalidis/BloombergThis article is for subscribers only.
Extreme storms and other natural disasters cost the world about $250 billion of losses last year, with less than half that amount actually covered by insurers, according to data compiled by Munich Re.
The bill exceeds the 10-year average, and includes the impact of catastrophic losses caused by earthquakes in Turkey and Syria. The US, meanwhile, had a less severe hurricane season than in 2022 with many insured losses instead stemming from regional thunderstorms, Munich Re said.