Economic losses from hurricanes and other natural disasters increased significantly in the U.S. in 2024, reaching $217.8 billion, the highest annual tally since 2017. Hurricanes Helene and Milton were major contributors, with combined losses estimated at $100 billion. The report also highlights a global trend of rising natural disaster losses, reaching $368 billion worldwide.
FILE – A house sits toppled off its stilts after the passage of Hurricane Milton, alongside an empty lot where a home was swept away by Hurricane Helene, in Bradenton Beach on Anna Maria Island, Florida, Oct. 10, 2024. FILE – A man walks through a street affected by floods in Valencia, Spain, Nov. 2, 2024. Economic losses from hurricanes and other natural disasters soared in the U.S. last year and were above average globally, reflecting another year of costly severe storms, floods and droughts.
Insured losses, or the portion of economic losses that are covered by insurance, also rose last year. They climbed 36% to $112.7 billion, the most since 2022. “In 2024, one of the big differences is we had significant U.S. hurricane events that happened,” said Liz Henderson, global head of climate risk advisory at Aon. “When those events happen, they affect a large area and they affect areas with large values in terms of properties and people and content. So the losses from those events tend to be significantly higher.
While it’s impossible to predict the timing, location and losses from natural disasters, 2025 is not off to an encouraging start. The devastating wildfires that erupted in Los Angeles County on Jan. 7, killing at least 28 people and destroying more than 14,000 structures, are already projected to be among the costliest natural disasters.
HURRICANES NATURAL DISASTERS ECONOMIC LOSSES INSURANCE CLIMATE RISK
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