Thunderstorms Have Caused $45B in Damages in the U.S. in Six Months

In the first half of 2024, thunderstorms in the U.S. caused $45 billion in damages, surpassing losses from hurricanes and wildfires. According to Munich Re, $34 billion of these losses were insured, marking 2024 as the fourth-costliest year for thunderstorms on record. The damages were primarily due to tornadoes and hail. North America accounted for $60 billion in losses, representing half of the global total, which reached $62 billion, significantly above the 10-year average of $37 billion. Thunderstorms, while individually less damaging than other disasters, occur more frequently, leading to cumulative losses over time. In 2023, thunderstorm losses in Europe and North America reached record highs, with $76 billion in total damages. Climate change is exacerbating the severity of thunderstorms, as warmer air holds more moisture, resulting in more intense rainfall. This trend is reflected in the increasing number of billion-dollar thunderstorms in the U.S. since 1980. Other global disasters in early 2024 included significant earthquakes in Japan and Taiwan, severe floods in Brazil and Germany, and tropical cyclones in East Africa, all contributing to substantial economic losses. A study indicated that climate change has intensified rainfall events, with some regions experiencing unprecedented downpours. The rising frequency and severity of thunderstorms and other weather-related disasters highlight the need for adaptation strategies across society, the economy, and the insurance sector to mitigate growing losses.