Climate change doubles insurance losses in ten years

Storms in the US caused 68% of these losses ($34,000 million, €31,800 million) globally, representing the second highest figure since 2011.

The figures show that 5% to 7% annual growth trend is maintained in insured claims“” said Martin Bertogg, head of Swiss Re’s disaster risk department, in a press release issued by the company.

According to the report, the earthquake in Turkey and Syria was the disaster that caused the most damage to the insurance sector with 5.3 billion dollars (4.8 billion euros).

Bertogg recalled: climate changeAnother factor that increases losses in the insurance sector is the increasing impact of these disasters in urban centers.

“Planning land use in more exposed coastal and riparian areas as well as urban sprawl in the desert“High exposure in higher risk environments creates a difficult combination to reverse,” said Jérôme Jean Haegeli, the group’s chief economist.

The expert emphasized that protection measures should be taken for these properties, which are located in areas highly exposed to natural disasters, so that the products offered by insurance companies “continue to be economically profitable”.

The report recalled that New Zealand faces nearly 2,000 million euros in insured losses from natural disasters. Cyclones and typhoons hitting the country andn in the first half of this year.

According to the report, total economic losses (not just those covered by insurance) from natural disasters in the first half of 2023 reached $120,000 million (€109,000 million). 46% higher than the annual average of the last ten years.

Estimates also revealed possible impact. Forest fires It was registered in various regions of Greece or Italy last month due to severe heat waves in parts of Europe, Asia and the Americas.

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Contact details of the environment department: [email protected]