Putting a Cost on Climate Change
Led by the deadly and costly Hurricane Ida and massive flooding in Europe, the world racked up $329 billion in economic losses linked to severe weather last year, and only 38% of that bill was covered by insurance. Total economic losses tallied $343 billion, Aon said, $329 billion of which resulted from weather and climate-related events such as hurricanes, flooding, wildfires, tsunamis and drought. That left 2021 as the third costliest year on record after adjusting for inflation.
“There’s no question that the finger prints of climate change are already here today, more intense weather, impacting more things in harm’s way,” Steve Bowen, meteorologist and head of catastrophe insight at Aon.
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