Hurricanes, wildfires, flooding, extreme heat, and other natural catastrophes are now so common the insurance industry has given them a cutesy nickname—Nat Cats. Up to September 2024, the world experienced at least 51 separate Nat Cats each causing a billion dollars or more in losses—nearly twice as many as a decade ago. Most damage came from storms, not including October’s Hurricane Milton blitz. A country like the UK is well able to recover from climate disasters as individuals and businesses have funds to rebuild and reorganize. But in India and China, those affected by disasters can have their wealth completely wiped out. And protection gaps globally have widened by 20% over the last five years.
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