Extreme Weather Drives Insured Losses 70% Above Historical Norms
- Munich Re study finds more frequent and intense events
- Natural disaster losses are well above the 10-year average
Burned vehicles and property following the Park Fire near Paynes Creek, California, on July 27.
Photographer: Benjamin Fanjoy/BloombergThis article is for subscribers only.
Natural catastrophes caused about $62 billion of insured losses in the first half of 2024 — roughly 70% above the 10-year average — as extreme wildfires, droughts and floods upend historical norms.
The data, which were compiled by Munich Re, show that “weather catastrophes in the US” dominated losses in the period, Tobias Grimm, the reinsurer’s head of climate advisory, said in a phone interview. Other developments of note include “floods in regions where they are very rare, such as Dubai,” he said.