Researchers with the National Oceanic and Atmospheric Administration's National Centers for Environmental Information recently did the math to determine the cost of weather and climate catastrophes in 2024 so far. As of the first week of August 2024, the U.S. experienced 19 weather or climate events with losses that exceeded $1 billion, according to NOAA. The list includes 15 severe storm events, 1 tropical cyclone, 1 wildfire, and 2 winter storm events: "Overall, these events resulted in the deaths of 149 people and had significant economic effects on the areas impacted."

See also: Insurers: Prepare for annual catastrophe losses of $151 billion

The goal of the agency's year-over-year "Scorekeeper" is to view climate events through a historical lens, which NOAA has done since 1980. The events noted in the slideshow above are not the only disasters to unfold so far in 2024, but those in with losses that exceeded a billion dollars or more. The agency also notes the uncertainty inherent to tracking disaster-loss estimates, particularly given the scope and scale of major catastrophes, the costs of which include:

  • Residential, commercial, and municipal buildings;
  • Any contents within damaged buildings;
  • Business and living interruption;
  • Damage to vehicles and boats;
  • Damage to public assets infrastructure;
  • Damage to electrical infrastructure and offshore energy platforms;
  • Lost agricultural assets including crops, livestock, and commercial timber; and
  • Costs associated with wildfire suppression.
Additional catastrophe costs not included in the government's National Scorecard for billion-dollar disasters may come from:
  • Natural capital or environmental degradation;
  • Mental or physical healthcare needs; or
  • Supply chain interruptions.
Between 2019 and 2023, the U.S. experienced 102 billion-dollar weather and catastrophe events, NOAA reports. That averaged out to just over 20 per year. The price tag on those events was $617 billion, and these events accounted for 1996 deaths.
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Elana Ashanti Jefferson

Elana Ashanti Jefferson serves as ALM's PropertyCasualty360 Group Chief Editor. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].

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