Homes surrounded by floodwater after Hurricane Beryl made landfall in Sargent, Texas, on July 8.
(Bloomberg) — Natural catastrophes caused about $62 billion of insured losses in the first half of 2024 — roughly 70% above the 10-year average — as extreme wildfires, droughts and floods upend historical norms.
The data, which were compiled by Munich Re, show that "weather catastrophes in the U.S." dominated losses in the period, Tobias Grimm, the reinsurer's head of climate advisory, said in a phone interview. Other developments of note include "floods in regions where they are very rare, such as Dubai," he said.
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