Typhoon Yagi: the deadliest natural disaster in 2024

According to data, Typhoon Yagi has been recognized as the natural disaster with the highest number of fatalities in 2024 Munich REleading international reinsurance company.

The typhoon that struck in September tragically claimed the lives of approximately 850 people as it passed through the Philippines, China, Vietnam and Burma.

Yagi made landfall in China with winds comparable to a Category 4 hurricane, the second-largest category of typhoon. In the case of Vietnam, it was the most powerful cyclone on record since systematic local records began.

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The typhoon caused an estimated $14 billion in total damage, making it one of the costliest natural disasters of the year. However, only a small portion of these losses, approximately $1.6 billion, were insured.

Low insurance penetration in affected regions highlights the community’s vulnerability to natural disasters. Many people and companies do not have adequate insurance, which makes them bear the brunt of the financial burden caused by such events.

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