Global natural disaster losses reach $320 billion in 2024, report shows

In 2024, global losses from natural disasters reached $320 billion, a 30% increase from the previous year, according to Munich Re. Climate change and property development in vulnerable areas contributed to this rise, with $140 billion covered by insurance. North America, Central America, and the Caribbean accounted for about two-thirds of the losses, totaling $190 billion. This was largely due to hurricanes Milton and Helene impacting Florida closely together. While insured losses were higher than average, a significant protection gap remains. Insurers have increased property and casualty rates and retreated from high-risk markets, making 2024 manageable for the insurance sector despite the high claims.