Re: Inflation?
The issue is how the paper is used. What conclusions do the people who write the headlines want us to draw?
It could be something as simple as using bad news to sell papers - shock value.
It could be to measure to cost to the insurance industry (assuming some link between damage and cost).
It could be to note some change in short-term climate (an increase in disaster frequency) but that isn't related to the cost.
It could be to note an increase in the intensity of disasters (faster winds, higher/more waves) but that isn't necessarily related to cost either.
It could be to point out dumb decisions (rebuilt bigger more expensive homes with the last lot of insurance money in the same flood-prone area).
It could be to show the loss of resources - crops damaged etc. In which case acreage destroyed would be a better indicator.
The point is that money is generally a pretty rubbish indicator of what is going on and when it is used, it is probably a good idea to be suspicious of the motives (of the reporter, if not the researcher) behind it and read the paper in detail to see what is really being measured.
I certainly get the impression that lots of research is designed to be misused in order to keep the funding flowing. Politicians don't care whether they are accurately understanding and acting on scientific research, all they care about is that they can create a usable soundbite package which news publishers can easily use and which furthers their own interests.