Massive Losses Due to Climate Change in 2024
The world incurred massive losses amounting to USD 320 billion last year due to climate change, which has exacerbated natural disasters globally. A study published by Munich Re on Thursday warned that “our planet’s weather machine is shifting into a higher gear.”
According to the company’s report, insured losses totaled USD 140 billion (EUR 136 billion) over the past 12 months, making 2024 the third highest total since 1980. These findings align with similar statistics from Swiss Re, another leading reinsurance firm, which calculated total losses at around USD 310 billion, with USD 135 billion in insured losses.
Tobias Grimm, Munich Re’s chief climate scientist, stated, “Our planet’s weather machine is shifting into a higher gear.” He further noted that everyone is paying the price for the escalation of extreme weather events resulting from climate change, emphasizing that the burden is especially heavy on “people in countries with only scant insurance protection or public sector funding support for recovery.”
Grimm emphasized that “the global community must finally take action and find ways to enhance the resilience of all countries, especially the most vulnerable ones.”
Tropical cyclones alone contributed to total losses of USD 135 billion, with insured losses at USD 52 billion. In Europe, floods in the Spanish city of Valencia caused damages worth USD 11 billion, of which USD 4.2 billion was insured.
Grimm highlighted that a study on the causes of the floods in Spain showed that “climate change has doubled the likelihood of such rainfall events.”
Overall, approximately 11,000 people lost their lives due to natural disasters in 2024, a steep toll despite being lower than average, according to Munich Re.
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