A report by Munich RE reveals that natural disasters cost $250 billion globally in 2023, resulting in 74,000 deaths, significantly above the five-year average of 10,000 fatalities. The report attributes the increased severity of weather events to climate change, with extreme conditions leading to substantial losses—76% from severe storms and 24% from earthquakes. The February earthquakes in Turkey and Syria were the deadliest and most costly disaster, resulting in 58,000 deaths and $50 billion in damages. Despite no mega-disasters in industrialized nations, the report emphasized that ongoing high temperatures and severe weather patterns are becoming more frequent due to climate change. The report also highlighted significant destruction from regional storms and wildfires, especially in Canada, while noting the persistent influence of the El Nino climate pattern.
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Global Cost of Natural Disasters Surpasses $250 Billion in 2023, Reports German Insurer
By Terrain News
