Economic losses from hurricanes and other natural disasters soared in the U.S. last year and were above average globally, reflecting another year of costly severe storms, floods and droughts.

Damage caused by Hurricanes Helene and Milton helped push total economic losses from natural disasters in the U.S. to $217.8 billion last year, according to insurance broker Aon PLC. That figure represents an 85.3% increase from 2023, when losses totaled about $117.5 billion. It's also the largest annual tally of economic losses from natural disasters since 2017.