Global losses from natural disasters exceeded the long-term average in the first half of 2024, with thunderstorms causing more damage in the U.S. than hurricanes, wildfires, or other catastrophes. Munich Re, a reinsurance company, reported that severe thunderstorms in the U.S. resulted in $45 billion in losses from January to June, with $34 billion of that amount being insured. This makes 2024 the fourth-costliest thunderstorm year on record in the first six months.
Tornadoes and hail, spawned from the storms, were major contributors to the losses. North America accounted for $60 billion in losses, half of all damages worldwide. Globally, insured losses reached $62 billion, surpassing the 10-year average of $37 billion. While thunderstorms may not individually cause as much damage as earthquakes, hurricanes, fires, or floods, their high frequency and cumulative effect over time are significant.
Research shows that climate change is exacerbating thunderstorms worldwide. A warmer atmosphere holds more moisture, leading to more intense rainfall events. While the total number of thunderstorms may not increase significantly in some regions, the storms that do occur are becoming stronger. Extreme precipitation events have worsened across the U.S., and severe thunderstorm winds are affecting a larger area of the country over time.
The insurance sector is facing challenges due to the increasing risks posed by thunderstorms. Thomas Blunck, a member of Munich Re’s Board of Management, emphasized the need for society, the economy, and the insurance sector to adapt to mitigate the growing losses from weather-related events. The impact of climate change on thunderstorms underscores the importance of preparedness and adaptation strategies.
In addition to thunderstorms, other natural disasters wreaked havoc globally in the first half of 2024. Earthquakes in Japan and Taiwan resulted in billions of dollars in losses, while floods caused extensive damage in various regions. Heavy rainfall triggered severe floods and landslides in Brazil, Germany, East Africa, and China. Tropical cyclones and unusually severe floods also affected parts of the Middle East.
A study from World Weather Attribution found that the downpour in Dubai, United Arab Emirates, exceeded previous daily rainfall records by 10 to 40 percent due to climate change. The increasing frequency and intensity of natural disasters highlight the urgent need for global action to address climate change and its impacts. Adapting to evolving risks and implementing mitigation measures are crucial to reducing the economic and societal impacts of extreme weather events.
