Hurricanes and typhoons are estimated to cause a whopping $133 billion in damage in 2024. According to reinsurance company Munich Re, this year's storm season was the costliest since 2017. Economic losses were well above both the ten-year average ($89 billion) and the 30-year average ($63 billion). The main reason was the severe North Atlantic hurricane season, which caused a total of $110 billion in damage in North America alone, according to Munich Re. Helen alone caused more than $50 billion dollars worth of damage.

The deadliest and costliest hurricane of the year was Helen: wind speeds reached 225 kilometers per hour, more than 200 people were killed, and damage in several U.S. states totaled $56 billion. In the western Pacific, typhoons often hit Taiwan, Japan, the Philippines, southeastern China and Vietnam during the summer months. The number of hurricanes in East and Southeast Asia was slightly below average at 25, but damage was slightly above average at $22 billion, according to Munich Re.

Meteorologists and climate scientists see a link between the growing devastation caused by hurricanes and global warming. Sea water temperatures in the North Atlantic and Gulf of Mexico have been near or above previously recorded temperatures for most of the storm season, according to the Munich agency. Experts at the DAX group point to studies that say storms are getting stronger and bringing more rain because of unusually warming seawater. The amount of 133 billion dollars that Munich Re cites refers to an estimate of total economic damage. Of this, 51 billion euros are insured, that is, less than half.