Natural disasters such as wildfires, floods, earthquakes, and severe weather caused worldwide damage totalling $131 billion (€113.57 billion) in the first half of this year, according to German reinsurance giant Munich Re.
The devastating wildfires that engulfed parts of Los Angeles in January accounted for the largest share of this loss, costing $53 billion (€45.95 billion), of which $40 billion (€34.68 billion) was insured.
Munich Re noted that wildfires have never caused such significant damage before. The fires near Los Angeles claimed nearly 30 lives and destroyed or damaged more than 16,000 homes and buildings. The blaze lasted three weeks and ravaged an area larger than Paris.
Of the total damage in the first six months, $80 billion (€69.38 billion) was insured. Only in the first half of 2011 was the insured amount higher, due to Japan’s massive earthquake and catastrophic tsunami.
The deadliest natural disaster was the March earthquake in Myanmar, which resulted in an estimated 4,500 fatalities and caused $12 billion (€10.4 billion) in damage.
Severe weather in Europe accounted for approximately $5 billion (€4.33 billion) in damage, largely due to intense storms with hail in France, Austria, and Germany, and the avalanche that hit the Swiss village of Blatten.
Researchers at Munich Re warn that climate change and global warming are leading to more frequent and severe natural disasters.
