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These 10 climate disasters cost $1.5 trillion in just five years

Reuters

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Climate change has raised the cost of natural disasters, as rising sea levels and drought increase the frequency and severity of flooding and wildfires, insurers and risk modelling experts say.

The cost of the 10 most expensive events of the last decade adds up to more than $US1 trillion ($1.5 trillion). All of them occurred in the last five years.

Firefighters work to get a blazing bushfire under control.  Sean Blocksidge

The biggest losses are usually in richer countries with more expensive assets – the 2019-2020 bushfires in Australia are third on the list with a cost of $US110 billion ($167 billion). But developing countries such as Pakistan, which suffered flooding this year that cost an estimated $US40 billion also bear the brunt of damaging weather. The list was provided to Reuters by risk modelling firm RMS.

How to get money to poorer countries after climate disasters was a dominant theme at the COP27 climate talks in Egypt, and insurance is seen as one way to do that.

A G7-led plan dubbed Global Shield to provide pre-arranged insurance and disaster protection funding to countries suffering climate disasters was also launched at the climate conference.

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The disasters are ranked by economic losses, both insured and uninsured, with the costliest first.

California wildfires (2017 to 2018)

After a multi-year drought in California, numerous fires destroyed more than 100 million trees.

Worst fires: Tubbs Fire October 2017, Camp Fire November 2018

2017 loss: $US180 billion

2017 deaths: 40

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2018 loss: $US148.5 billion

2018 deaths: 103

Total loss: $US328.5 billion

Atlantic hurricanes Harvey, Irma, Maria (August to September 2017)

The three hurricanes devastated parts of Florida, Texas, Puerto Rico and the Caribbean.

Harvey loss: $US125 billion

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Harvey deaths: 88

Floodwaters caused by Hurricane Harvey. AP

Irma loss: $US65 billion

Irma deaths: 134

Maria loss: $US107 billion

Maria deaths: 4600

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Total loss: $US297 billion

Australian bushfires (2019-2020)

Nearly 11 months of fires affected 80 per cent of Australians and killed or displaced at least 3 billion animals.

Total loss: $US110 billion

Deaths: 34

Hurricane Ian, Florida (September 2022)

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The hurricane hit southwestern Florida and South Carolina, with a 4-metre high storm surge on the west coast of Florida.

Total loss: more than $US100 billion

Deaths: 101

Hurricane Ida (August 2021)

The hurricane hit Louisiana and also brought heavy rain and flooding to New Jersey and New York.

Total loss: $US75 billion

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Deaths: 107

Floods in Germany and Belgium (July 2021)

Between July 12-15 2021, intense rainfall caused record river levels and left a trail of destruction, mainly in Belgium and Germany but also in Austria, Switzerland and the Netherlands.

Rescuers assess the damage in the flood-hit town of Schuld, Germany.  AP

Total loss: €40 billion ($62 billion)

Deaths: 230

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Pakistan floods (June to August 2022)

Intense monsoon rains and unusual heat in the Karakoram Mountains led to unprecedented glacial melt, starting floods on June 14. Floodwaters in flat-lying Indus floodplains took months to recede. The floods displaced eight million people.

Total loss: $US40 billion

Deaths: 1717

Typhoons Faxai and Hagibis in Japan (August to October 2019)

The two typhoons hit central and eastern Japan, with Faxai causing 900,000 homes to lose power, while more than seven million people were told to evacuate due to Hagibis.

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Faxai loss: $US9.1 billion

Hagibis loss: $US17 billion

Hagibis deaths: 85

Total loss: $US26.1 billion

European heatwave (2022)

Central Europe suffered three heatwaves over the course of the summer, including the hottest temperature so far measured in Britain at 40.3 degrees Celsius.

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Total loss: more than €10 billion

Deaths: 1500 as a result of excess heat

Northwestern US and British Columbia Canada heatwave (June-July 2021)

An extreme heatwave from June 25 to July 1 across western Canada and the US Pacific Northwest, caused many wildfires.

Total loss: $US8.9 billion

Fatalities: 1400 as a result of excess heat

Reuters

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