Typhoon Yagi has been identified as the natural disaster with the highest death toll in 2024, according to Munich RE, a leading international reinsurance company.
The typhoon, which struck in September, tragically claimed the lives of approximately 850 people as it tore through the Philippines, China, Vietnam, and Myanmar.
Yagi made landfall in China with winds equivalent to a Category 4 hurricane, the second-highest typhoon category. For Vietnam, it was the most powerful cyclone on record since systematic local record-keeping began.
READ: Hurricane Milton In Tops 2024’s Insured Loss Chart, Despite Helene’s Higher Damage
The typhoon caused an estimated US$14 billion in total losses, making it one of the costliest natural disasters of the year. However, only a small fraction of these losses, around US$1.6 billion, were insured.
The low insurance penetration in the affected regions highlights the vulnerability of communities to natural disasters. Many individuals and businesses lack adequate insurance coverage, leaving them to bear the brunt of the financial burden caused by such events.
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