Furthermore, according to Swiss Re, losses are growing at a faster rate than economic development.
In fact, since 1994, insured damages from natural catastrophes, measured by inflation, have recorded a +5.9% per year while global GDP has recorded +2.7%.
In other words, over the last 30 years, economic losses from natural disasters as a proportion of GDP have doubled.
"Even without the exceptional Hurricane Ian that hit Florida, 2023 reconfirms the trend of growing losses, due to more and more assets in vulnerable regions, therefore urbanization," says Jérôme Haegeli, Chief Economist at Swiss Re. "We must also consider the 'intensification of climate-related risks'"As weather risks increase due to climate change, risk assessments and insurance premiums must adapt - says Moses Ojeisekhoba, SwissRe's CEO Global Clients & Solutions - and going forward we must focus on how to reduce losses, in a joint effort between the private sector, the public sector and society in general. We are faced with a world where atmospheric phenomena are increasingly intense and we absolutely must adapt."
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