Southwest monsoon leaves 90% economic losses uninsured in 2024

Key sectors affected were agriculture, energy, and manufacturing.

Recent severe flooding during the 2024 southwest monsoon in South Asia has underscored the region's vulnerability to increasingly intense weather patterns, especially with 80% to 90% of economic losses from natural disasters remaining uninsured.

According to WTW, floods disrupted key sectors such as agriculture, energy, and manufacturing, affecting millions of people across countries including India, Pakistan, Nepal, and Bangladesh. 

The escalating frequency and severity of such events are attributed to climate change, which is driving more intense and unpredictable monsoon seasons.

WTW emphasised the need for enhanced risk management and financing strategies to address this growing challenge. 

The firm advocates for the development of robust risk transfer solutions to mitigate the financial impact of natural disasters and to strengthen the resilience of communities and economies in the region.