Swiss Re warns insured disaster losses could double in a decade

The bill for insurers exceeded the $100-billion mark for the fourth year in a row in 2023. Photo: Mariana SUAREZ / AFP/FileInsured property losses could double in the coming decade due to climate change and more frequent and more intense severe weather events, reinsurance giant Swiss Re warned Tuesday.caused $280 billion in damage worldwide in 2023, including $108 billion covered by insurance companies, Swiss Re said in its annual overview of the cost of disasters and natural catastrophes.

In 2022, the damage caused by natural disasters amounted to $286 billion, while the bill for insurers reached $133 billion.Despite the drop from the previous year, the bill for insurers in 2023 nonetheless exceeded the $100-billion mark for the fourth year in a row."Even without a historic storm on the scale of Hurricane Ian, which hit Florida the year before, global natural catastrophe losses in 2023 were severe," said Swiss Re chief economist Jerome Jean Haegeli.

But the study also found that there were more natural catastrophes causing insured losses in 2023, at a record 142.Haegeli warned that the intensity of storms would be a problem going forward."This demonstrates how urgent the need for action is, especially when taking into account structurally higher inflation that has caused post-disaster costs to soar."

Source: Energy Industry News (energyindustrynews.net)

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Swiss central bank head steps down in surprise moveThe head of Switzerland's central bank, Thomas Jordan, will step down in September after 12 years in charge, the bank said in a surprise statement Friday.
Source: brieflyza - 🏆 10. / 68 Read more »

Swiss Government Considers Holding Top Bank Executives AccountableThe Swiss government is considering a new measure that would hold top management of systemically relevant banks accountable. If a bank is rescued by the government, its top management would be required to pay back 50% of their regular pay and bonuses from the previous 10 years. The measure is in response to the 2023 Credit Suisse case and the 2008 rescue of UBS during the global financial crisis. The motion passed with 120 votes in favor, 55 against, and 18 abstentions.
Source: SABCNews - 🏆 37. / 51 Read more »

Swiss chocolatiers bank on the Easter bunny as cocoa costs soarSwiss chocolatiers have a battle on their hands as Easter rolls around, with surging cocoa prices sending their costs soaring and consumers cutting back as inflation hits their pockets.
Source: brieflyza - 🏆 10. / 68 Read more »

Swiss chocolatiers bank on the Easter bunny as cocoa costs soarSwiss chocolatiers bank on the Easter bunny as cocoa costs soar
Source: News24 - 🏆 4. / 80 Read more »

Load shedding on TUESDAY – here is the updated scheduleEskom said that load shedding will be implemented on TUESDAY. Here is your UPDATED schedule for the load shedding.
Source: TheSAnews - 🏆 25. / 59 Read more »

South Africa: Today’s latest news and headlines, Tuesday, 26 MarchIn the latest news in South Africa on Tuesday, 26 March, the GOOD party has fired former Springbok coach Peter de Villiers. Here is why.
Source: TheSAnews - 🏆 25. / 59 Read more »