Reflection of the climate crisis to the world insurance through extreme weather events ranging from heat waves to storms and floods.
70% of insured damages as a result of disasters in the first half of this year severe thunderstormsespecially in the USA Switzerlandis one of the world’s leading reinsurers.
In this first half of the year, one of the worst disasters also stands out. earthquakes Türkiye And Syria, with economic losses exceeding 31,000 million euros, of which only 4,800 million were insured.
Total, By June, global economic losses amounted to the equivalent of around 114,000 million euros, 41% higher than the average for the last decade. in the first semester. Of this figure, approximately €109,000 million corresponded to natural disasters, 46% above the 10-year average; and those originating from human hands reached 4,500 million, 23% below this average. As the balance for the first quarter, devastating fires in Hawaii were not included.
According to the Swiss Re report, storms with thunderstorms, lightning, heavy rain, hail, wind and sudden changes in temperature caused the equivalent of approximately €32 billion in damage in the United States, which naturally represents a percentage of all insured catastrophe claims between last January and June. It represents 68 of them. . This figure is almost double compared to the same period of the previous year and largest insured loss in a six-month period. The state most affected was Texas.
New Zealand was hit by two extreme weather events just two weeks apart in early 2023. increased risk of climate-related hazards affecting major urban centers, reports to the reinsurer. The North Island, in particular, was hit by the severe flooding and remnants of Hurricane Gabrielle in the nation’s capital, Auckland, in the first quarter. There were two events both Most expensive weather-related insured losses in New Zealand since 1970.
Effects of climate change
Effects of climate change “They are becoming more evident in increasingly extreme weather events,” warns Jérôme Jean Haegeli, chief economist of the group, “the effects of climate change can already be seen in certain hazards, such as: heat waves, droughts, floods and heavy rains. In addition to the impact of climate change, land use planning in coastal and riparian areas and urban expansion into nature creates a difficult combination of high-value risks in high-risk environments. should be take protective measures to keep insurance products affordable for such high-risk properties. It’s time to invest more in climate adaptation.”
heavy rains Emilia-Romagna regionin northern Italy, in mid-May, heavy flooding was caused and insured losses of more than 546 million euros are expected, The most costly weather event in the country since 1970.
Estimated economic losses were 9,100 million euros. Given that 94% of losses in Italy are uninsured, Swiss Re warns that “insurance plays an important role as a tool to bridge the protection gap and help households strengthen their financial resilience to natural disasters.”
Since the beginning of July, USA, Northwest Chinese and south Europe has become the critical points of Europe. heat wave this year south of europeDry weather and strong winds exacerbated wildfires (possibly caused by human activities) in Italy and Algeria, as well as many Greek islands, although it is too early to estimate both economic and insured damage.
Earthquakes still cause the most serious human and financial consequences. The most costly disaster, both economically and in terms of insured damages, was the earthquake that occurred in 2009. Türkiye and Syria causing property damage and affecting the livelihoods of millions of people across the region.
According to Swiss Re, insured losses are estimated at 4.8 billion euros, while temporary economic losses amount to around 31 billion euros, according to the World Bank.