Economic losses from natural disasters in the U.S. and globally soared in 2024, with U.S. losses reaching $217.8 billion due to severe storms, floods, and droughts. Insured losses also rose, climbing 36% to $112.7 billion, the most since 2022. Hurricanes Helene and Milton were significant contributors to these losses, with Helene causing $75 billion in damages from flooding across southeastern states and Milton causing $25 billion in losses along the west coast of Florida. These losses were further exacerbated by other hurricanes, severe storms, and a drought in the U.S.
Globally, economic losses from natural disasters reached $368 billion in 2024, driven by deadly floods in Spain and other disasters. While worldwide losses were slightly down from 2023, they were significantly higher than the average since 2000. The devastating wildfires in Los Angeles County in early 2025 are projected to be among the costliest natural disasters. Aon estimates total economic and insured losses from these wildfires could reach into the lower tens of billions of dollars, making them potentially the costliest wildfires in U.S. history.
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