Monday, June 17, 2024

In less than 6 months…$34 billion in storm losses in the US

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Severe thunderstorms in the U.S. caused $34 billion in losses in the first half of the year, an unprecedented amount of financial damage in such a short period of time, according to Swiss Re Group, and the intensity of violent weather events.

The reinsurer said Wednesday that losses in the U.S. from tropical storms, which can come with hail, lightning, sleet and strong winds, account for nearly 70 percent of global catastrophe losses so far this year at $50 billion.

These global figures include earthquakes in Turkey and Syria.

The storms were the most severe in the U.S., and 10 storms caused $1 billion or more in damage, more than twice the average recorded over the past decade, Swiss Re said. Texas says.

“The effects of climate change can already be seen in certain risks such as heat waves, droughts, floods and extreme rainfall,” said Jerome-Jean Haigley, chief economist at Swiss Re Group, in a prepared statement. , and urban sprawl in highly exposed forestland results in an irreversible combination of high-value exposure to high-risk environments.”

Several notable weather events began in the second half of the year, including heat waves in the United States, northwestern China, and southern Europe, and wildfires in the Greek islands, Italy, and Algeria.

“Swiss Re” reported that the damages and insurance losses caused by these events are still being calculated.

The increasing frequency of severe weather has caused turmoil in the insurance industry, and some have pulled back from hard-hit states like Florida and California.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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