Losses from natural disasters have skyrocketed in recent years. A report by Swiss Re, the second largest reinsurer in the world, estimates the damage suffered during the first half of 2023 at 120 billion dollars. An increase of 45% compared to the average of the last ten years.
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It’s the earthquake in Türkiye and in Syria which was the most catastrophic event. In addition to the 58,000 lives that the quake claimed, it caused between 35 and 40 billion dollars in losses, according to the World Bank. Other notable disasters include the storms and tornadoes that ravaged the United States and flooding that hit Italy.
“ The effects of climate change can already be seen in certain perils such as heat waves, droughts, floods and extreme rainfall “, emphasizes Jérôme Jean Haegeli, Chief Economist of Swiss Re. Faced with the increase in the frequency and intensity of these events, Swiss Re sound the alarm. According to the reinsurance giant, it is high time to invest in adaptation to climate change.
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European countries, among the least well-insured countries
Insurance companies are paying the price since during the first half of the year, they paid out 50 billion dollars in connection with natural disasters. This is 50% more than the average of the last ten years.
European countries are among the least well insured. In Italy, of the 10 billion losses caused by the floods, only 5% were covered. A contrast with the United States, where the vast majority of damage was reimbursed by insurance companies.
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(and with AFP)