Transcript:
Last year, disasters around the world like Hurricane Helene in the U.S. and Typhoon Yagi in Asia caused $320 billion of damage.
According to a report from the reinsurance company Munich Re, that made 2024 one of the most expensive disaster years since 1980.
And so far, this year is on track to be costly, too, in large part because of massive wildfires in California.
Bove: “In the first half of 2025, Munich Re estimates there was about $131 billion in overall losses due to natural catastrophes across the globe.”
Mark Bove is a meteorologist and natural catastrophe solution manager with Munich Re U.S.
He says that in the U.S., disaster costs have been rising because real estate costs are high, more people have moved to areas at high risk of wildfire and hurricanes, and climate change is causing more extreme weather.
So to limit future destruction, he stresses the need to avoid building in flood-prone areas.
And he suggests making homes more resilient – for example, by updating building codes to require that houses can withstand strong winds.
Bove: “This is not just a cost and an insurance issue. It’s a life safety issue, and we want to make sure not just homes but families can stay whole.”
Reporting credit: Ethan Freedman / ChavoBart Digital Media
