Climate Change Or Booming Growth? The Blame Game Heats Up With Disaster Losses
Examining Disaster losses In 2024
by Roger Pielke Jr. Jan 13, 2025
In 2024, the world experienced $298 billion in catastrophe losses related to weather events, according to Munich Re, which just released its annual tabulation.1
Munich Re attributes the losses to — what else — climate change, dramatically announcing that “climate change is showing its claws” and “climate change is taking its gloves off.” [emphasis, links added]
The Munich Re attribution claim contrasts starkly with how its largest competitor, Swiss Re, characterizes 2024 loss totals, identifying economic development as the “main driver” of increasing loss totals:
“Economic development continues to be the main driver of the rise in insured losses resulting from floods, but also other perils, seen over many decades. However, with natural catastrophe risks rising and higher price levels, the annual increase of 5–7% in insured losses will continue, and protection gaps could remain high. This highlights the need for adaptation in combination with an adequate insurance coverage that can support financial resilience.”
https://climatechangedispatch.com/climate-change-or-booming-growth-the-blame-game-heats-up-with-disaster-losses/
