Waves of severe thunderstorms in the U.S. during the first half of this year led to $34 billion in insured losses, an unprecedented level of financial damage in such a short time, according to Swiss Re Group, as climate change contributes to the frequency and severity of violent meteorological events.
The storms in the U.S. were so severe, there were 10 that resulted in damages of $1 billion or more, almost double the average recorded over the past decade, according to Swiss Re, and Texas was the state most severely effected. There have been a multitude of high profile meteorological events to start the second half of the year including heatwaves in the U.S., northwestern China and southern Europe, and wildfires on Greek islands, Italy and in Algeria.The figures for the first half of the year are in line with a report last month from another reinsurer, Munich Re, which said the series of thunderstorms that raked Texas in June was the most expensive single event in the U.S. for the year so far.
Winter said that it is “imperative” to act immediately in preparing communities for the “physical and financial risks of future climate-related weather events.”