10 of the most expensive climate-change driven disasters in 2018
Insurance Information Institute's Michael Barry on the potential insurance implications of the California wildfires.
From California’s worst wildfires in history to Hurricanes Florence and Michael, the world’s top ten climate-linked disasters this year caused a whopping $85 billion worth of damage, according to a new study.
The report was released by the charity group Christian Aid on Thursday, to shed light on the urgent action that is needed to combat global warming.
"This report shows that for many people, climate change is having devastating impacts on their lives and livelihoods right now," Kat Kramer, who heads Christian Aid's work on climate issues, said in a statement.
The most expensive climate-related disasters this year were Hurricanes Florence and Michael, which caused more than $32 billion worth of damage as they slammed the U.S., the Caribbean and parts of Central America.
The second biggest disaster was also in the U.S. California’s wildfire season this year was the most destructive and deadliest ever, costing an estimated $9 billion in losses.
Droughts throughout Europe and floods in Japan over the summer also topped the list as the most destructive and costly.
Last month, the United Nations released a report that found that 20 warmest years on record have been within the last 22 years, with 2018 recorded as the fourth-hottest year.
Here are 10 of the most expensive climate-change driven weather events of 2018, according to Christian Aid.
1. Hurricanes Florence and Michael
Estimated Cost: $17 billion (Florence)
$15 billion (Michael)
2. California wildfires
Estimated Cost: $7.5 billion - $10 billion (Camp Fire)
$1.5 billion - $3 billion (Woosley Fire)
3. Droughts in Europe
Estimated Cost: $7.5 billion
4. Floods in Japan
Estimated Cost: $7 billion (June-July Floods)
$2.3 billion - $5.5 billion (Typhoon Jebi)
5. Droughts in Argentina
$6 billion
6. Floods in China
$3.9 billion (July floods)
$5.4 billion (Tropical Storm Rumbia floods)
7. Droughts in Australia
$5.8 billion - $9 billion
8. Floods in Kerala, India
$3.7 billion
9. Droughts in Cape Town, South Africa
$1.2 billion
10. Typhoon Mangkhut in the Philippines and China
$1 billion - $2 billion