Global insured losses from extreme weather reach $140 billion in 2024

Global insured losses from extreme weather reached $140 billion in 2024, the highest since 2017, according to Munich Re. This increase from $106 billion in 2023 was driven by Hurricanes Milton and Helene, which caused significant damage in the southeastern U.S. Hurricanes Milton and Helene accounted for $25 billion and $16 billion in losses, respectively. Weather-related disasters made up about 97% of the total insured losses, which were more than double the 30-year average of $61 billion. As 2025 begins, wildfires in Los Angeles have already destroyed over 1,100 homes and threaten more. Insurers like State Farm and Allstate have reduced coverage in California, potentially leading to a high number of uninsured losses.