Hurricanes in the Atlantic region and typhoons in the Pacific led to total losses of around $133 billion, Munich Re said in a report published Monday.
The estimated damages were some of the costliest in the past decade, with only the 2017 storm season seeing higher losses.
The 2024 figure was significantly above the benchmark for the past 10 years, where losses averaged $89.2 billion. Over the past 30 years, the corresponding average was $62.6 billion, Munich Re said.
"Extremely high sea surface temperatures fuelled the storms' intensity -- another stark reminder of climate change's impact," the group said.
The huge bulk of the losses were in North America, where they totalled some $110 billion, substantially above the 10-year average of $67.6 billion.
In the Atlantic region, 11 storms reached hurricane strength compared with an average count of 6.4.
Hurricane Beryl, which swept through the Caribbean between June and July, was the earliest storm on record to reach Category 5, the highest level on the scale.
Beryl was followed late in the season by Hurricanes Helene and Milton which struck the southeast United States in quick succession in the space of around two weeks.
The typhoon season to date saw a slightly lower than average number of storms, which caused $22 billion in losses, a figure marginally above the 10-year average.
The slower-than-expected transition from the El Nino weather phenomenon to La Nina meant that conditions favouring hurricanes in the Atlantic were "less pronounced" than they could have been, Munich Re said.
A Saharan dust cloud likewise had an "inhibiting effect on storm formation", the group said.
But rising sea temperatures as a result of climate change had a "clear influence" on the intensity of storms and the rainfall seen.
During Hurricane Milton, where record rain and flash floods in the United States left more than 200 people dead, early analyses suggested the huge volumes of precipitation were twice as likely in today's climate than they would be in a hypothetical world without climate change, according to the reinsurer.
jpl-sea/sr/kjm
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