From Hurricane Ian to wildfires across the U.S. to a lingering drought and heat wave, natural disasters raked $165 billion dollars in damages, the third most costliest year on record.
Several factors are driving the increase in costs in the U.S. and globally, Spinrad said, quoting Swiss Re, an international reinsurance company.
In Europe, 2022 was the second warmest on record, while the summer was the hottest on record. A lack of rainfall combined with high temperatures and other factors, leading to widespread drought conditions.
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