There were 18 disasters in 2022 that each cost the U.S. at least $1 billion in damages, according to the NOAA.
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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