Tropical cyclones caused total losses of about $133 billion

Damage caused by extreme weather events is increasing. The 2024 tropical cyclone season was exceptional, with violent storms causing record losses well above the average of the last ten years, according to estimates by the German reinsurance company Munich Re. Tropical cyclones in the North Atlantic (hurricanes) and the Northwest Pacific (typhoons) caused total losses of about $133 billion, of which $51 billion was insured, Munich Re said in a statement. These figures far exceed the averages of the last 10 years, which amounted to $89.2 billion in losses, of which $35.1 billion was insured. The losses in 2024 are among the highest in the decade, according to the reinsurer. At the end of September, Hurricane Helene, considered the most expensive disaster of the year, hit Florida with winds of 225 km/h, causing record rainfall, flooding, 200 victims and losses estimated at 56 billion dollars, of which 16 billion insured. In this case, "extremely high sea surface temperatures intensified the storms, highlighting once again the impact of climate change," says Munich Re. These record temperatures recorded in the North Atlantic and Gulf of Mexico in 2024 favored the rapid intensification of cyclones. For example, Milton, which hit Florida in October, went from a tropical storm to a Category 5 hurricane in one day. This hurricane caused total losses estimated at about 38 billion dollars, of which 25 billion insured, making it "the most expensive storm of the year for insurers," Munich Re said. In Asia, Typhoon Yagi hit the Philippines, China and Vietnam in early November, causing record damage and more than 400 deaths in Myanmar. Total losses amounted to $14 billion, of which $1 billion was insured. Climate change is increasing the intensity of tropical cyclones and increasing the rainfall they bring, the reinsurer concluded. In the case of the Milton phenomenon, studies have found that extreme rainfall is twice as likely and 40% heavier in the current climate than in a hypothetical world without climate change.