FILE PHOTO: A drone view shows a flooded area following the impact of Typhoon Yagi, in Chiang Rai in the northern province of Thailand, September 13, 2024. REUTERS/Anupong Intawong/File Photo
GENEVA (Reuters) - The world was hit by so many floods and landslides in 2024 that it triggered the aid sector's first multi-disaster insurance pay-out, the Red Cross told Reuters, signalling both the scale of the problem and the need for new financing solutions.
The International Federation of the Red Cross and Red Crescent Societies (IFRC) said such indemnity insurance funds, which kick in when repeated disasters reach a minimum cost threshold, can protect relief budgets increasingly strained by frequent and severe climate-fuelled hazards.
