With a total cost of $165 billion, the 18 disasters made it the third most costly year on record behind 2017 and 2005, the years when Hurricane Harvey and Hurricane Katrina made landfall in the U.S.
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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