Natural disasters cause billions in damage worldwide
Rubble and cars in massive landslide is seen next in Fontana, in Val Bavona in the Maggia Valley, southern Switzerland on Thursday July 4, 2024. Severe storms and torrential rain over the last weekend left five people dead in Switzerland's Val Maggia and its side valleys in Ticino.
Keystone / Michael Buholzer
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Listening: Natural disasters cause billions in damage worldwide
In the first six months of the year, natural disasters caused billions in losses worldwide, with severe thunderstorms in the USA being a major factor, according to a Swiss Re Institute press release on Wednesday.
The reinsurer estimates that the economic costs of natural and man-made disasters totalled $127 billion (CHF109 billion) in the first half of 2024. This is lower than the $159 billion recorded in the first half of 2023.
However, only $66 billion of the catastrophe losses were insured, compared to $65 billion in the previous year. According to Swiss Re, natural disasters alone burdened insurance companies’ balance sheets with an estimated $60 billion.
High thunderstorm losses
Severe thunderstorms with strong winds, hail, and heavy rain caused insured losses of $42 billion worldwide. In the USA alone, twelve storms resulted in losses of at least $1 billion each.
Swiss Re Institute’s calculations show that insured losses from severe storms in the USA have risen by 8% annually since 2008. One reason for this increase is the rise in construction costs due to inflation, as noted by chief economist Jérôme Jean Haegeli in the press release.
“Exposure continues to rise in line with economic development. That’s why we urgently need to invest in protective measures,” Haegeli stated, citing flood protection and improved building regulations to protect houses from severe hailstorms as examples.
A total of 14% of all insured losses were caused by flooding, primarily in the United Arab Emirates, Germany, and Brazil. In April, thunderstorms on the Arabian Peninsula caused flash floods, resulting in damage totalling at least $2 billion.
Adapted from German by DeepL/amva
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