The Swiss Re Institute has warned that insured losses could double in the next 10 years. Climate change is to blame, writes Insurance Business.

The company’s experts point to rising global temperatures and more frequent extreme weather events that are causing serious damage. Thus, in 2023 alone, insured losses due to natural disasters reached $108 billion. And the annual growth of these figures has been 5-7% for 30 years.

It is noted that since 1994, insured losses from natural disasters around the world have outpaced global economic growth – 5.9% against a 2.7% increase in global GDP.

As noted by the chief economist of the Swiss Re Institute Jerome Jean Egelia trend over the last three decades is now exacerbated by climate change, which is making storms and floods increasingly destructive.

“With 2023 the hottest year on record and 2024 off to a similar start, ensuring the sustainability and affordability of property insurance requires a concerted effort by the private sector, government agencies and society at large to mitigate the impact and adapt to increasingly severe weather.” conditions,” added the CEO of Global Clients & Solutions Swiss Re Moses Ojeisekoba.