CNBC's Sam Meredith is reporting on the economic destruction caused by natural disasters in 2023. 

In 2023, the world incurred around $250 billion in damages due to destructive thunderstorms and devastating earthquakes, as reported by Munich Re, a German reinsurance company. Despite the absence of mega-disasters in industrialized countries, the year marked another period of extremely high damages. Thunderstorms caused unprecedented losses in North America ($66 billion, with $50 billion insured) and Europe ($10 billion, with $8 billion insured). These events, often considered "secondary perils," are expected to increase in frequency and intensity due to the climate crisis. While 2023's economic and insured losses were not extraordinary, the absence of a mega-disaster was seen as mere chance. The year also witnessed significant fatalities due to natural disasters, notably earthquakes in Turkey and Syria, which resulted in over 55,000 deaths and economic losses of around $50 billion. Ernst Rauch, chief climate and geo scientist at Munich Re, emphasized the growing economic and social challenge of such events and the need for increased resilience.

Source: CNBC

(This article was written with assistance from ChatGPT)

Written by Ursa Nova

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