Calculating the growing costs of climate disasters Insurers and risk modelling experts say climate change is increasing the cost of natural disasters, as rising sea levels and drought increase the frequency and severity of floods and wildfires.
The biggest losses typically occur in wealthier countries with more expensive assets: the 2019-2020 bushfires in Australia rank third on the list at a cost of $110 billion ($167 billion). But developing countries like Pakistan, which suffered floods this year at an estimated cost of $40 billion, are also bearing the brunt of bad weather.
How to get money to poorer countries after weather disasters was a dominant topic at the COP27 climate talks in Egypt, and insurance is seen as one way to do it.
Also launched at the climate conference was a G7-led plan called Global Shield to provide disaster protection funds and pre-arranged insurance to countries suffering from climate disasters.
The 10 “climate disasters”
- California wildfires (2017 to 2018)
Worst fires: Tubbs Fire October 2017, Camp Fire November 2018
2017 loss: $US180 billion
2017 deaths: 40
2018 loss: $US148.5 billion
2018 deaths: 103
Total loss: $US328.5 billion
- Atlantic hurricanes Harvey (2017)
Harvey loss: $US125 billion
Harvey deaths: 88
Irma loss: $US65 billion
Irma deaths: 134
Maria loss: $US107 billion
Maria deaths: 4600
Total loss: $US297 billion
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- Aussie bushfires 2019-20
Total loss: $US110 billion
Deaths: 34
- Hurricane Ian (Florida, September 2022)
Total loss: more than $US100 billion
Deaths: 101
- Hurricane Ida (New Jersey and New York, August 2021)
Total loss: $US75 billion
Deaths: 107
- German / Belgian Floods 2021
Total loss: €40 billion ($62 billion)
Deaths: 230
- Pakistan floods 2022
Total loss: $US40 billion
Deaths: 1717
- Japan Typhoons 2019
Faxai loss: $US9.1 billion
Hagibis loss: $US17 billion
Hagibis deaths: 85
Total loss: $US26.1 billion
- European heatwave 2022
Total loss: more than €10 billion
Deaths: 1500 as a result of excess heat
- US / Canada Heatwave 2021
Total loss: $US8.9 billion
Fatalities: 1400 as a result of excess heat
Also, Read
- Sarbal Village: A hamlet in Kashmir waiting for development
- How to convert your old car into electric car in Delhi
- Farmers in MP face crop failure every year due to climate change
- Climate Change: Kishanganga Dam causes water concerns
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