This article was automatically translated from HIBAPRESS, the Arabic version:
Hibapress
Natural disasters and extreme weather conditions cost the world economy $ 417 billion in 2024, of which $ 154 billion was supported by insurers, reports the Wall Street Journal.
Quoting a report by the Retaranch Broker Gallagher Re, the daily newspaper of the business circles, notes that the year 2015, which was the warmest ever recorded since 1850, was marked by a record number of 21 natural disasters, whose costs rose to several billion dollars.
According to Steve Bowen, director within Gallagher Re, the increase in losses could be explained, in part, by global warming, noting that this phenomenon “tends to make meteorological phenomena such as hurricane on average, but not necessarily more frequent ”.
The report also reveals that the losses linked to the weather has increased due to the inflation of the reconstruction costs and the expansion of the cities.
The $ 154 billion in losses covered by insurers worldwide represent an increase of 27 % compared to the average over 10 years, the same source added.
The most expensive events for insurers in 2024 were Hurgagan Hélène and Hurricane Milton, with losses around 40 billion dollars.
Regarding fires that have recently ravaged the Los Angeles region, the report indicates that these events highlight another climate development: extreme weather conditions occurring outside the planned season.
Although the areas affected by Los Angeles fires are known risk areas, the dry conditions that allowed the lights to spread were “very unusual” for the month of January, according to the same source.
