Whether you accept the idea of climate change or not, here are the facts, as reported by the National Oceanic and Atmospheric Administration (NOAA)’s National Centers for Environmental Information, in its recently updated 2024 Billion-Dollar Disaster Analysis*:
- The U.S. experienced 27 individual weather and climate disasters last year with at least $1 billion in damages, trailing only the record-setting 28 events analyzed in 2023.
- The cost of these disasters came to approximately $182.7 billion. This figure is based on analysis through January 10, 2025, and may rise an additional several billion dollars, as new data become available.
- This total places 2024 as the fourth-costliest on record, trailing 2017 ($395.9 billion), 2005 ($268.5 billion) and 2022 ($183.6 billion).
- Adding the 27 events of 2024 to the record that begins in 1980, the U.S. has sustained 403 weather and climate disasters for which the individual damage costs reached or exceeded $1 billion. The cumulative cost for these 403 events exceeds $2.915 trillion.
- The 2024 disasters caused at least 568 direct or indirect fatalities, the eighth-highest for these billion-dollar disasters over the last 45 years (1980-2024).
Even in areas of the country that typically are spared from these types of events, policyholders are likely to see the effects begin to impact property insurance rates and coverage options in the future.
Are you prepared for a weather-related emergency? That preparation should include not only insurance-related questions, but also policies on employee safety, and ensuring the integrity of physical spaces, structures, and equipment, among other considerations.
Severe weather most likely is not going away or becoming less of a threat. Neither is the effect on people and property. It is wise to check your emergency preparations in case a natural disaster strikes your part of the world.
Copyright 2025 Evergreen Insurance
Evergreen Insurance provides these updates for information only, and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.
