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In 2024, there were roughly 18,100 reported fatalities caused by natural disaster events worldwide. This was well below the 21st-century average and significantly lower than the fatalities recorded in 2023, which were driven by the earthquakes that hit Turkey and Syria on February and became the deadliest catastrophes in 2023, with nearly * reported deaths.

Economic losses due to natural disasters

The economic losses due to natural disaster events worldwide amounted to about *** billion U.S. dollars in 2024. Although figures in recent years have remained mostly stable, 2011 remains the costliest year to date. Among the different types of natural disaster events, tropical cyclones caused the largest economic losses across the globe in 2024. 

What does a natural disaster cost?

Hurricane Katrina has been one of the costliest disasters in the world, costing the insurance industry some *** billion U.S. dollars. The resilience of societies against catastrophes have been boosted by insurance industry payouts. Nevertheless, insurance payouts are primarily garnered by industrialized countries. In emerging and developing regions, disaster insurance coverage is still limited, despite the need for improved risk management and resilience as a method to mitigate the impact of disasters and to promote sustainable growth.