Last year, destructive thunderstorms and devastating earthquakes cost the world over $250 billion in losses, according to a new research released this week by German insurer giant Munich Re.
The figure is similar to that reported in 2022 and is near to the preceding five-year average, but it is higher than the ten-year and 30-year trends. Overall, global insured losses for the year totaled $95 billion, down from $125 billion in 2022.
According to the report, earthquakes in Turkey and Syria were the most catastrophic events last year, resulting in $50 billion in total losses and $5.5 billion in insured losses. According to the British Red Cross, the earthquakes killed more than 55,000 people and injured another 100,000.
according to the British Red Cross. Munich Re also pointed to a growing number of severe regional storms in the US and Europe as a result of climate change.
“After years of relative calm, a series of devastating earthquakes led to humanitarian disasters. Around 63,000 people (85% of the year’s total fatalities) lost their lives as a result of such geophysical hazards in 2023 – more than at any time since 2010,” Munich Re stated. It noted that 2023 marks another year of “extremely high” damages even without any so-called mega-disasters in industrialized countries.
