Enviornmental Science

Property damage costs have been steadily increasing year-over-year since 1900. This is largely a result of population growth, urbanization, economic development and wealth, climate change, and the increased frequency and severity of natural disasters over the past century. As the population has grown, urban centers have become increasingly larger and more densely populated, leading to more concentrated damage and resulting costs in a smaller area. Economic development and increased wealth have provided increased financial resources to fund recovery efforts, while climate change has drastically increased the frequency and severity of natural disasters, resulting in escalating losses. Property damage costs have also been driven up by rising insurance premiums, as insurers have become aware of the increased risks caused by climate change and natural disasters.