Overall, tropical cyclones were the costliest peril in 2020, causing more than $78 billion in direct economic damage, Aon reports. Flooding was a close second with a loss cost of $76 billion. (Photo: Bloomberg)

A new report from Aon calculates the economic cost of natural catastrophes globally in 2020. Global economic losses from 416 natural catastrophe events resulted in $268 billion in economic losses. Of that total, the U.S. accounts for $119 billion.

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