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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.

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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

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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