The cost of extreme weather

The cost of extreme weather

Extreme weather events over the last decade have extracted a heavy toll worldwide.

The 2019 Atlantic hurricane season runs from June 1 to November 30, all the areas covered include the Atlantic Ocean, Gulf of Mexico and the Caribbean Sea, and some meteorologists are predicting this season will be slightly-below average in the number of named hurricanes that the Atlantic will get.

Experts predict that the season’s most active and dangerous time runs between August and October.

Despite the regularity of these events and preparedness advised by the National Hurricane Center, they continue to cause severe damage to the population alongside with their material property. According to Statista, the highest insured catastrophe loss during 2018 was registered in North America, amounting to approximately 53 billion U.S. dollars.

In 2017, weather related losses cost over 136.44 billion U.S. dollars to the insurance industry worldwide. Man-made disasters cost 6.25 billion U.S. dollars and earthquakes cost 1.62 billion U.S. dollars worldwide. Major fires and explosions worldwide cost the insurance industry approximately 5.44 billion U.S. dollars and were the most significant insured loss among the mentioned categories.

The past decade

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About the Author:

Mason Davis
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