Hurricane season in the United States has been over for about two weeks but the damage totals are still coming in. Around the world, disaster costs have mounted.
For the fifth straight year, insured losses have topped $100 billion globally, according to the Swiss Re Institute. Those are financial damages covered by an insurance policy.
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The institute says two-thirds of the $135 billion in insured losses came as a result of Hurricanes Helene and Milton, as well as a high frequency of thunderstorms in the U.S.
Helene was a Category 4 storm in September. It pounded the Southeast with more than 40 trillion gallons of rain, according to AccuWeather. That led to destructive flooding that washed away roads, bridges and buildings in mountain towns in western North Carolina.
Hurricane Milton came next in early October, roaring ashore just south of Tampa, Florida. Massive flooding, storm surge and vicious winds did the most damage. The chief economist at Swiss Re says economic development continues to be the main driver of the rise in insured losses from floods.
The Biden administration has sent a $100 billion request to Congress to help Americans affected by the major disasters in 2024 and 2023. However, the legislative year is winding down with the Senate slated to adjourn next Friday, Dec. 20.
It’s not just the United States. The Institute says $10 billion in insured losses were attributed to Europe, where storms led to flooding in places like the Czech Republic, Poland, Austria, Spain, Romania and Italy.
