- Damages from thunderstorms and hail rise sharply
In the first six months of 2024, natural disasters caused significantly higher damages than the average of previous years in a comparable period.
The insured damages worldwide amounted to 60 billion dollars (56.8 billion euros), according to the research institute of the Swiss reinsurer Swiss Re. This was 62 percent more than the ten-year average. Including uninsured damages, Swiss Re estimates the total to be twice as high.
The biggest issue: thunderstorms
Especially notable were damages from severe thunderstorms, with an increase of 87 percent. They often come with strong winds or even tornadoes, as well as hail and heavy rain. Severe thunderstorms, particularly in the USA, accounted for 70 percent of the worldwide insured damages.
This does not mean that thunderstorms in the USA are more severe than elsewhere. Rather, more houses and infrastructure are insured there. Additionally, properties are often more expensive and construction costs have significantly increased due to inflation. "Moreover, insured properties are more prone to hail damage," said Balz Grollimund, responsible for catastrophe risks.
What needs to be done
Swiss Re, the world's largest reinsurer after Munich Re, recommends increased investments in flood protection and stricter building regulations to better protect houses from severe hailstorms.
The European Union, being one of the regions affected by natural disasters, experienced a substantial increase in damages attributed to severe thunderstorms. The European Union, along with other regions, can benefit from Swiss Re's recommendation of increased investments in flood protection and stricter building regulations to safeguard against severe hailstorms.
