Natural disasters cost the world US$ 210 billion, according to a new report published by Munich RE. Moreover, only $82 billion were insured, leaving many of those affected with net losses.
This year’s costliest natural disaster took place in China, where severe flooding occurred during the summer monsoon rains, costing around $17 billion. 6 of the 10 costliest disasters worldwide affected the U.S., with total losses amounting to $95 billion country-wide.
On another note, the year 2020 was the second warmest on record, with higher than usual sea surface temperatures and La Nina conditions in the Pacific fueling a record-setting Hurricane season in the North Atlantic.
According to NOAA’s National Center for Environmental Information (NCEI), the U.S. recorded 22 weather and climate disasters that have been deemed to individually cost more than $1 billion in 2020. Those included: Hurricanes: Laura ($19 billion losses and 42 deaths by itself), Hanna, Delta, Zeta, Sally, and Isaias; 8 severe weather events, including the historic Midwest Derecho in August that cost $11 billion dollars; 2 hail storms; 3 tornado episodes; 1 drought; and the Fall 2020 western Wildfires, resulting in $16.5 billion losses through its direct and indirect costs.
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