In 2024, the economic losses due to natural disasters worldwide amounted to about *** billion U.S. dollars. Natural disasters occur as a result of natural processes on Earth. Many different types of natural disasters can occur, including floods, hurricanes, earthquakes, and tsunamis. Natural disasters in 2024 Tropical cyclones generated the highest amount of economic losses in 2024 with *** billion U.S. dollars worldwide. Hurricanes Helene and Milton were the most destructive events worldwide that year with over 100 billion U.S. dollars in economic losses. Flooding events ranked second in the costliest events in 2024, with flooding in Valencia, Spain, and South and Central China being the worst examples. Asia hardest hit by natural disasters A highly destructive force, Asia is one of the most susceptible regions to natural disasters. The repercussions of natural disasters are not only physical, but also economic. Costs may be high – depending on the severity – as areas affected by natural disasters might need to be rebuilt. Lower income countries are more likely to be affected by natural disasters for a multitude of reasons, including a lack of developed infrastructure, inadequate housing, and lack of back-resources.

The earthquake and subsequent tsunami in Japan in 2011 was the costliest natural disaster since 1900, with losses reaching 235 billion U.S. dollars. The tsunami hit the nuclear plant at Fukushima, causing a nuclear disaster in the area. Hurricane Katrina, which hit the Gulf Coast of the United States in 2005, and Hurricane Harvey, which hit the North American country in 2017, tied with the second-largest economic losses in the period, each with 125 billion U.S. dollars.

In 2024, the global economic loss caused by tropical cyclones amounted to *** billion U.S. dollars, more than any other type of natural disaster that year. Flooding followed in second, at ** billion U.S. dollars. That same year, the total economic loss from all natural disasters globally reached *** billion U.S. dollars.

In 2024, tropical cyclones caused the most damage in the United States. Such a type of storm, for instance, resulted in overall losses of ***** billion U.S. dollars. Meanwhile, wildfires, droughts, and heatwaves resulted in economic losses of $ **** billion U.S. dollars. Severe convective storms were the second most destructive natural disaster that year, with a loss of almost **** billion U.S. dollars. Impact of severe thunderstorms in the U.S. Severe thunderstorms pose a great risk to public safety and often result in fatalities. People can be harmed in many ways during a thunderstorm, such as being directly struck by lightning or hurt when a building collapses/tree falls. In 2019, ** people were killed as a result of severe thunderstorms. Lightning strikes alone caused ** deaths and *** injuries in that year. How much was paid out due to thunderstorms? The high risk of damage posed by thunderstorms means that insurance cover is an important tool in reducing the losses incurred. In 2020 alone, approximately ****** homeowner insurance claims were paid due to lightning losses.

In 2023, there was a global protection gap of *** U.S. dollars for natural disasters worldwide. The estimated economic loss of natural disasters worldwide was *** billion U.S. dollars, while the estimated insured loss amounted to *** billion U.S. dollars.Where did the most costly natural disaster occur?Natural disasters are extreme, sudden catastrophes that are caused by natural processes by the earth. Different types of natural disasters include floods, hurricanes, tornadoes, earthquakes, and tsunamis. There are many consequences that occur as a result of natural disasters, which include death, economic and infrastructural damage, and public health issues. The 2011 earthquake and tsunami that happened in Japan caused the most economic damage worldwide in the past four decades. Most costly disasters for insurersThe impact of natural disasters on insurance companies varies depends on the prevalence of insurance coverage in the affected region. Generally, losses from natural disasters that occur in wealthy countries such as the United States include a greater percentage of insured losses than disasters that occur in lower income countries. 2017 remains the worst year for insured property losses in the United States due to several major hurricanes in the U.S. and the Caribbean. Domestically, Hurricane Katrina was the most expensive natural disaster of all time.

In 2024, Hurricane Helene was by far the most significant natural disaster in the United States in terms of economic loss, with expenses totaling ** billion U.S. dollars. That year, the overall total of economic losses from natural disasters across the United States was estimated at around *** billion U.S. dollars.

In 2024, the economic losses caused by natural disaster events in the Americas (excluding the United States) amounted to some ** billion U.S. dollars, nearly half the losses reported the previous year. The economic losses associated with widespread flooding in the southern region of Brazil that year totaled roughly *** billion U.S. dollars.

In 2024, the direct economic loss that resulted from natural disasters in China was about *** billion yuan. That year, around ***** million hectares of agricultural land were affected by natural disasters in China.

The hurricanes in the U.S. and Mexico in September and October incurred an economic loss of about 110 billion U.S. dollars, the most of any natural disaster event in 2024. Three of the ten most expensive catastrophes in that year were hurricanes. Weather, climate, water related disaster The disasters that caused mortality in large numbers include droughts, storms, floods, and extreme temperatures. Hurricanes alone generated 35 percent of the total economic losses among the leading disasters over these 50 years. The global cost of natural disaster losses was primarily financial losses. Low-income countries are more affected by natural disasters when compared to the richer countries in the world. American Hurricanes Floods were the most common weather-related disasters recorded, yet storms had the highest human and economic losses. As the most common cause of damage, storms are the only disaster for which the attribution component grows. As of 2023, Hurricane Katrina was by far the most destructive hurricane in the United States. Officials confirmed more than 1,800 deaths, estimated damages of about 200 billion U.S. dollars, the destruction of approximately 350,000 homes, and displaced almost a million individuals.

The impact of flooding in China between June and September 2020 created economic losses totaling ** billion U.S. dollars. This was the most significant natural disaster in the Asia Pacific region in that year.

Weather catastrophes caused economic losses of *** billion U.S. dollars worldwide in 2021. Sudden cataclysmic disasters cause devastation on impact. Some weather and climate-related extreme events are storms, floods, heat waves, cold waves, droughts, and forest fires. Climate-related hazards pose risks to human health and can lead to substantial economic losses. Global natural disaster economic loss The economic damage caused by disasters varies based on geography and affects natural resources. Capital assets and infrastructure, along with the loss of life, disrupt the economic structure. In 2021, the economic loss due to natural disasters globally was about *** billion U.S. dollars, and flooding generated the highest loss that year. Billion-dollar natural disaster events in the United States The United States experienced nearly two dozen billion-dollar disasters in 2021. At an economic loss of around ** billion U.S. dollars, Hurricane Ida, a Category * storm that landed on the Louisiana coast in August, was the costliest.

Of the total economic losses as a result of natural disasters worldwide in 2024, 77.1 percent came from losses in the Americas. This is despite the fact that only 7.3 percent of the people affected by natural disasters that year were living in the continent. Asia followed in second, with 13.3 percent of economic losses.

As of the first half of 2024, the economic losses due to natural disasters in Africa reached around *** million U.S. dollars. Similar losses stood at almost **** billion U.S. dollars in 2023, the highest during the period observed. This was mostly attributed to the earthquake in Morocco that year.

About 1.7 thousand natural disasters in Africa have been reported between 1970 and 2019, causing economic losses of around 38.5 billion U.S. dollars. Floods and storms had the highest economic impact. Storms caused 37 percent of the total reported economic losses, while floods were responsible for 34 percent of them. Africa is particularly vulnerable to climate change compared to other regions of the world. A large share of the population lives below the poverty line and its livelihood depends on activities extremely sensitive to climate changes and weather conditions.

In 2022, geophysical and hydro-meteorological disasters accounted for economic losses of over ** billion U.S. dollars across the Asia-Pacific region. That year, floods accounted for the highest economic damage in the region, around ** billion dollars.

During the period of time from 2010 to 2019, global economic losses resulting from weather-related catastrophes amounted up to *** trillion U.S. dollars, while insured losses equaled to only *** billion U.S. dollars. As for the 1980-1989 period, economic losses reached *** billion U.S. dollars, while insured losses amounted up to ** billion U.S. dollars.

In recent years, severe convective storms, or cyclones, caused the highest insured losses in the United States. In 2023, insured losses due to these storms amounted to almost ** billion U.S. dollars, while losses due to drought amounted to approximately *** billion U.S. dollars. Hurricanes in the U.S. The term “tropical cyclone” is a meteorological term which refers to both hurricanes and typhoons. As of 2023, the most expensive natural disaster to have occurred in the U.S. was Hurricane Katrina, which occurred in 2005 and resulted in costs amounting to over *** billion U.S. dollars at the time. Hurricane Ian was the latest hurricane to occur in the United States, and cost around *** billion U.S. dollars. Hurricane Katrina also caused insured property losses worth over ** billion U.S. dollars in 2005. Natural disasters globally Natural disasters are defined as events which are caused by naturally occurring phenomena that result in catastrophe. The global insured losses caused by natural disasters over time has been considerable, with costs amounting to more than *** billion U.S. dollars in 2021 alone. In 2023, the global estimate of insured loss stood at well over *** billion U.S. dollars. At the same time, the estimated economic losses incurred as a result of natural disasters worldwide amounted to almost *** billion U.S. dollars.

The worst years for global insured losses from natural disasters were 2005, 2011, and 2017. In 2021, the worldwide insured losses resulting from natural catastrophes amounted to *** billion U.S. dollars. However, the economic losses from natural disasters continues to exceed insured losses.

Severe convective storms, or thunderstorms, were the natural disaster with the highest value of insured losses worldwide in 2024, followed by flooding and drought. The value of global insured losses totaled *** billion U.S. dollars, with severe convective storm accounting for ** billion U.S. dollars. It needs to be noted though that the total economic losses from natural disasters were much higher and only a fraction of them were insured.

The costliest natural catastrophe in the United States since records began has been Hurricane Katrina in 2005. Katrina cost the U.S. almost $ 105 billion. From the top ten costliest natural disasters, nine have been hurricanes.