Global disaster costs hit 450 billion

A recent study reveals that natural disasters cost the world approximately $450 billion annually, with up to 62% of the losses left uninsured, amounting to around $279 billion on average each year. This situation increases the financial burden on governments and individuals. Climate change and urban expansion have heightened exposure to hazards, with high construction costs leading to greater damages and a decline in insured loss coverage. Despite the overall increase in damages, insurance companies have recorded strong profits by raising premiums and reducing coverage. However, they face growing challenges as some high-risk markets see companies withdrawing, which widens the protection gap and places additional strain on governments and individuals.

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