Hurricanes, floods, fires… The economic losses caused by natural disasters are increasingly heavy. According to an initial estimate by reinsurer Swiss Re, published on Thursday, December 5, their amounts should increase this year by 6% compared to 2023, amounting to 310 billion dollars (294 billion euros).
As for the damage covered by insurers, they should reach 135 billion dollars, up 17% over one year, specifies Swiss Re, which notes that these costs for the sector exceed the 100 billion dollar mark “for the fifth year in a row”.
Costs soar with climate catastrophes
This increase is partly attributable to the concentration of assets to be insured in urban areas and the rise in reconstruction costs. “Climate change is also playing a growing role,” said in a statement the head of catastrophe coverage at Swiss Re, Balz Grollimund.
The group notes that with a global average temperature that is “1.54°C above pre-industrial levels, 2024 is on track to become the hottest year on record” which “favors the occurrence of many of the natural catastrophes observed” this year.
Losses are likely to increase as climate change intensifies extreme weather events.
Swiss Re
in a statement
According to estimates from the Swiss reinsurer, insured losses for hurricanes Helene and Milton, which hit Florida in late September and early October, are currently below the $50 billion mark. While hurricanes in the North Atlantic are traditionally the most costly disasters for insurers, Swiss Re has been warning for several years that costs for other catastrophes, such as floods, are constantly increasing. Since the beginning of the year, this disaster alone has cost nearly $13 billion in insured losses, while Europe and the United Arab Emirates have been heavily affected.
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