10 climate disasters in 5 years cost $1.5 trillion

Calculating the growing costs of climate disasters Insurers and risk modelling experts say climate change is increasing the cost of natural disasters, as rising sea levels and drought increase the frequency and severity of floods and wildfires.

The biggest losses typically occur in wealthier countries with more expensive assets: the 2019-2020 bushfires in Australia rank third on the list at a cost of $110 billion ($167 billion). But developing countries like Pakistan, which suffered floods this year at an estimated cost of $40 billion, are also bearing the brunt of bad weather.

How to get money to poorer countries after weather disasters was a dominant topic at the COP27 climate talks in Egypt, and insurance is seen as one way to do it.

Also launched at the climate conference was a G7-led plan called Global Shield to provide disaster protection funds and pre-arranged insurance to countries suffering from climate disasters.

The 10 “climate disasters"

• California wildfires (2017 to 2018)

Worst fires: Tubbs Fire October 2017, Camp Fire November 2018

2017 loss: $US180 billion

2017 deaths: 40

2018 loss: $US148.5 billion

2018 deaths: 103

Total loss: $US328.5 billion

• Atlantic hurricanes Harvey (2017)

Harvey loss: $US125 billion

Harvey deaths: 88

Irma loss: $US65 billion

Irma deaths: 134

Maria loss: $US107 billion

Maria deaths: 4600

Total loss: $US297 billion

• Aussie bushfires 2019-20

Total loss: $US110 billion

Deaths: 34

• Hurricane Ian (Florida, September 2022)

Total loss: more than $US100 billion

Deaths: 101

• Hurricane Ida (New Jersey and New York, August 2021)

Total loss: $US75 billion

Deaths: 107

• German / Belgian Floods 2021

Total loss: €40 billion ($62 billion)

Deaths: 230

• Pakistan floods 2022

Total loss: $US40 billion

Deaths: 1717

• Japan Typhoons 2019

Faxai loss: $US9.1 billion

Hagibis loss: $US17 billion

Hagibis deaths: 85

Total loss: $US26.1 billion

• European heatwave 2022

Total loss: more than €10 billion

Deaths: 1500 as a result of excess heat

• US / Canada Heatwave 2021

Total loss: $US8.9 billion

Fatalities: 1400 as a result of excess heat

Also, Read

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• How to convert your old car into electric car in Delhi
• Farmers in MP face crop failure every year due to climate change
• Climate Change: Kishanganga Dam causes water concerns

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