U.S. Economic Losses From Natural Disasters Soar In 2024, But Ease Globally

And while it's impossible to predict the timing, location and losses from natural disasters, 2025 is not off to an encouraging start.

Economic losses from hurricanes and other natural disasters soared in the U.S. last year and were above average globally, reflecting another year of costly severe storms, floods and droughts.

Damage caused by Hurricanes Helene and Milton helped push total economic losses from natural disasters in the U.S. to $217.8 billion last year, according to insurance broker Aon PLC.

That figure represents an 85.3% increase from 2023, when losses totaled about $117.5 billion. It’s also the largest annual tally of economic losses from natural disasters since 2017.

Insured losses, or the portion of economic losses that are covered by insurance, also rose last year. They climbed 36% to $112.7 billion, the most since 2022.

Hurricane Helene tore across six southeastern states last fall, costing $75 billion in economic losses, mainly due to inland and coastal flooding, according to Aon. Less than two weeks later, Hurricane Milton made landfall on the west coast of Florida, causing some $25 billion in economic losses.