U.S. Disaster Costs Doubled in 2020, Reflecting Costs of Climate Change - The New York ... - 0 views
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Hurricanes, wildfires and other disasters across the United States caused $95 billion in damage last year, according to new data, almost double the amount in 2019 and the third-highest losses since 2010.
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Topping the list was Hurricane Laura, which caused $13 billion in damage when it struck Southwestern Louisiana in late August.
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In addition to the number of storms, the 2020 hurricane season was unusually devastating because climate change is making storms more likely to stall once they hit land
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The next costliest category of natural disasters was convective storms, which includes thunderstorms, tornadoes, hailstorms and derechos, and caused $40 billion in losses last year.
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Wildfires caused another $16 billion in losses. Last year’s wildfires stood out not just because of the numbers of acres burned or houses destroyed
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Homeowners and governments around the United States need to do a better job of making buildings and communities more resilient to natural disasters
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“We can’t, as an industry, continue to just collect more and more money, and rebuild and rebuild and rebuild in the same way,” Mr. Griffin said in an interview. “We’ve got to place an emphasis on preventing and reducing loss.”
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The single costliest disaster of 2020 was a series of floods that hit China last summer, which according to Munich Re caused $17 billion worth of damage.
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Of the $67 billion in losses from natural disasters across Asia last year, only $3 billion, or 4.5 percent, was covered by insurance.