This is how much natural disasters have cost in 2021 so far

Jul 28, 2021

With the collaboration of Statista.

Members of the Bundeswehr forces, surrounded by partially submerged cars, wade through the flood water following heavy rainfalls in Erftstadt-Blessem, Germany

Recent floods in Europe caused the deaths of 170 people. Image: REUTERS/Thilo Schmuelgen

Niall McCarthy

Data Journalist, Statista

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Insurance

Insured losses from natural disasters reached $42 billion in the first six months of 2021, according to insurance broker Aon.
The figure is a 10-year high for insured losses over the first half of the year.
The polar vortex period of extreme cold in particular resulted in insured losses of some $15 billion.
Aon's findings come in the wake of floods in Europe and China, which killed 170 and 12 people respectively.

On Wednesday, insurance broker Aon reported that insured losses from natural disasters reached $42 billion in the first half of 2021. While the figure represents a 10-year high for insured losses over the opening six months of the year, overall economic losses came in below the 10-year average at $93 billion. Aon's findings come in the wake of floods that have devastated parts of Western Germany, killing at least 170 people. Flooding also resulted in the deaths of 12 people in the Chinese city of Zhengzhou this week with footage of a submerged subway carriage going viral.

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a chart showing the cost of 21st century natural disasters

Image: Statista

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What’s the World Economic Forum doing about climate change?

Climate change poses an urgent threat demanding decisive action. Communities around the world are already experiencing increased climate impacts, from droughts to floods to rising seas. The World Economic Forum's Global Risks Report continues to rank these environmental threats at the top of the list.

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The World Economic Forum's Climate Initiative supports the scaling and acceleration of global climate action through public and private-sector collaboration. The Initiative works across several workstreams to develop and implement inclusive and ambitious solutions.

This includes the Alliance of CEO Climate Leaders, a global network of business leaders from various industries developing cost-effective solutions to transitioning to a low-carbon, climate-resilient economy. CEOs use their position and influence with policy-makers and corporate partners to accelerate the transition and realize the economic benefits of delivering a safer climate.

Natural disasters that hit developed countries typically result in higher insured losses and Aon states that 72 percent of all insured losses in the first half of this year occurred in the United States. The polar vortex period of extreme cold in particular resulted in insured losses of some $15 billion. Down through the years, historical Aon data shows that the highest insured losses in the 21st century occurred in 2017 at $161 billion and 2011 at $160 billion. The latter was the year the tsumani struck Japan, resulting in the Fukushima disaster, where total economic losses reached $557 billion.

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