US financial losses from pure disasters soared in 2024, however they eased globally

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By ALEX VEIGA, AP Enterprise Author

Financial losses from hurricanes and different pure disasters soared within the U.S. final yr and have been above common globally, reflecting one other yr of expensive extreme storms, floods and droughts.

Harm brought on by Hurricanes Helene and Milton helped push whole financial losses from pure disasters within the U.S. to $217.8 billion final yr, in response to insurance coverage dealer Aon PLC. That determine represents an 85.3% improve from 2023, when losses totaled about $117.5 billion. It’s additionally the biggest annual tally of financial losses from pure disasters since 2017.

Insured losses, or the portion of financial losses which can be coated by insurance coverage, additionally rose final yr. They climbed 36% to $112.7 billion, essentially the most since 2022.

Hurricane Helene tore throughout six southeastern states final fall, costing $75 billion in financial losses, primarily because of inland and coastal flooding. in response to Aon. Lower than two weeks later, Hurricane Milton made landfall on the west coast of Florida, inflicting some $25 billion in financial losses.

“In 2024, one of many massive variations is we had vital U.S. hurricane occasions that occurred,” stated Liz Henderson, international head of local weather danger advisory at Aon. “When these occasions occur, they have an effect on a big space they usually have an effect on areas with massive values by way of properties and other people and content material. So the losses from these occasions are typically considerably increased.”

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