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Swiss Re Institute research shows that climate change is putting countries at greater risk of property damage. The United States and Philippines are likely to be the hardest hit, as certain hazards become more severe.
Having analysed 36 countries and the impacts of the most damaging weather related catastrophe perils, of floods, tropical cyclones, winter storms in Europe and severe thunderstorms, Swiss Re’s Institute found that these cause estimated economic losses of US $200 billion each year, a figure that is set to rise.
According to the research division of a global insurance firm, the Philippines and the US have the highest economic exposure today. This is due to climate change.
Jérôme Jean Haegeli, Swiss Re’s Group Chief Economist, commented, “Climate change is leading to more severe weather events, resulting in increasing impact on economies. So, taking adaptation measures becomes more critical. Reduced risk by adapting to the environment increases insurability. The insurance industry has a lot to offer by…
