'Swiss RE calls for adaptation drive as extreme weather events rise
Insurance companies should emphasise the importance of boosting preparations for extreme weather events and other impacts from climate change, Swiss RE says in a report.
The reinsurance giant says its industry is “highly exposed” to future changes in the earth’s weather systems, revealing insured losses from weather-related events rose from 0.018% of global GDP between 1974 to 1983 to 0.077% of global GDP from 2004-2013.
It expects rising temperatures to lead to more frequent and severe extreme weather events in the future. The US Gulf coast alone could face an annual damage bill of $21.5 billion by 2030, it says.
Last week Swiss revealed global economic losses from natural and man-made disasters totalled $140 billion in 2013, a drop on 2012, but disaster victim numbers rose 12,000 to 26,000.
Number of weather-related catastrophes, 1970–2013 (Swiss RE)