Global losses from natural disasters eclipsed 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.
An analysis from the reinsurance company Munich Re found that severe thunderstorms in the U.S. caused $45 billion in losses from January to June, $34 billion of which were insured. That makes 2024 the fourth-costliest thunderstorm year on record, based on the first six months.
Many of the losses were driven by tornadoes and hail spawned from the storms, the report notes.
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North America accounted for $60 billion in losses — half of all damages worldwide. Globally, insured losses totaled $62 billion, compared with the 10-year average of $37 billion.
