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Scientists have built consensus around the probability that more powerful floods, fires, droughts and storms will occur with higher frequency as the Earth gets hotter.
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.
2020′s $268 billion bill is 8% above the average annual losses for this century, driven by a changing climate, more people moving into hazard-prone areas and an increase in global wealth, Aon researchers note.
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Danielle Ling is an experienced video journalist and business reporter. As associate editor, Danielle manages all multimedia and reports on industry news and risk-related coverage, managing all weather-related content. A University of Maryland and Philip Merrill College of Journalism alum, Danielle previously served as a video journalist for Verizon FiOS 1 News NJ, Push Pause. Connect with Danielle on LinkedIn or email her at [email protected].
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