Insured Losses Hit $62 Billion as Extreme Weather Wreaks Havoc.

Natural catastrophes have caused approximately $62 billion in insured losses in the first half of 2024, which is 70% higher than the 10-year average. The United States experienced the most significant losses due to weather catastrophes, including wildfires, droughts, and floods. Munich Re, the reinsurer, suggests that climate change is a contributing factor to these extreme weather events. The total losses from natural catastrophes in the first six months of the year reached $120 billion, with no indication of relief for the rest of 2024. The increasing frequency of severe weather events, such as hurricanes and wildfires, is leading to higher claims payments for insurers and making some regions uninsurable. [Extracted from the article]