Extreme weather events are becoming more frequent, and more costly. According to one estimate, natural disasters caused about $340 billion in damage across the world in 2017. And insurers had to pay out a record $138 billion. The $5 trillion global insurance industry plays a huge role in the U.S. economy. Insurance spending in 2017 made up about 11 percent of America’s GDP.
Natural disasters cost the USA $91 billion in 2018, according to a new report from the National Oceanic and Atmospheric Administration.
The report’s findings are a sign that the changing climate and increasing numbers of extreme weather events are having a significant economic impact, even as the Trump administration continues to undo Obama-era climate regulations.