![Swiss Re warns insured disaster losses could double in a decade](https://www.portugalcolonial.pt/media/shared/articles/c5/f2/21/Swiss-Re-warns-insured-disaster-los-601111.jpg)
-
Jamaica's De Cordova-Reid joins Leicester from Fulham
-
Wolves' Kilman reunites with Lopetegui at West Ham
-
Schmidt reign off to winning start as Australia beat Wales 25-16
-
Russian wrestlers reject Olympics invitation
-
Raducanu rediscovers Wimbledon 'fun' factor after turbulent spell
-
Winning all that matters at Euro 2024 for Mbappe's minimalist France
-
Eight dead, two million affected by Bangladesh floods
-
Robertson pleased to 'find a way' past England in tough Test baptism
-
Martin sets lap record to secure German MotoGP pole
-
'Shattered' Germany set sights on World Cup after Euros exit
-
Olympic hope Pedersen pulls out of Tour de France
-
Djokovic eyes sweet 16 at Wimbledon as Swiatek takes on 'gangster'
-
End beckons again for Ronaldo after Portugal Euros KO
-
New Zealand edge England 16-15 in tense, brutal first Test
-
Turkey take on Dutch in politically charged Euros quarter-final, England face Swiss
-
Calling for better ties with West, Iran reformist wins presidency
-
Cybercrime groups restructuring after major takedowns: experts
-
Activists hail Sierra Leone child marriage ban, urge action on FGM
-
Marsch relishing Canada's semi clash with Argentina
-
Canada stun Venezuela on penalties to reach Copa semis
-
Iran reformist Pezeshkian holds early lead in runoff vote
-
Swiatek faces 'gangster' threat, Djokovic feels need for Wimbledon speed
-
France holds its breath ahead of uncertain vote
-
Starmer begins UK 'rebuild' after landslide election win
-
Paris's Moulin Rouge inaugurates new windmill sails ahead of Olympics
-
Pan, Rai share halfway lead in PGA John Deere Classic
-
'I was feeling terrible' in debate, Biden says in TV interview
-
France coach Deschamps savours ending penalty hoodoo, defends Mbappe
-
Thompson bids farewell to Warriors after exit
-
Portugal exit Euros with pride, will return stronger: Martinez
-
UK's new PM Starmer speaks to world leaders, names top team
-
Spain and France to face off in Euros last four, Turkey lament 'unfair' Demiral ban
-
Israel says negotiators to hold fresh Gaza truce talks next week
-
France beat Portugal on penalties to reach Euro 2024 semi-finals
-
Endrick to start for Brazil in Uruguay Copa clash: Dorival
-
Heartbreak for Germany fans after dramatic Euros exit
-
Beryl heads for Texas after causing damage, no deaths in Mexico
-
Nagelsmann laments late penalty decision as hosts Germany exit Euros
-
Biden declares he's all in ahead of high-risk TV interview
-
Spain team 'is a winning horse', says De la Fuente
-
Bows at the ready, Chad villagers battle kidnappings
-
Alcaraz mimics Bellingham goal celebration after Wimbledon win
-
Olmo hopes Pedri can make speedy return for Euros semi-finalists Spain
-
Retiring Kroos hopeful despite Germany's 'bitter' Euros exit
-
Southgate turns on English 'entitlement' over claims of easy Euros draw
-
Merino extra-time goal sends Spain past Germany to Euro semis
-
Koeman demands Dutch silence fervent Turkish fans at Euros
-
Brad Pitt at Silverstone for filming of F1 movie
-
Raducanu storms into Wimbledon last 16
-
California fires spread in July 4 weekend heatwave
![Swiss Re warns insured disaster losses could double in a decade](https://www.portugalcolonial.pt/media/shared/articles/c5/f2/21/Swiss-Re-warns-insured-disaster-los-601111.jpg)
Swiss Re warns insured disaster losses could double in a decade
Insured 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.
The Zurich-based group -- which acts as an insurer for insurers -- also highlighted the rising costs from hailstorms.
Natural disasters 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.
The total amount of damage, and the share covered by insurers, both fell compared to 2022, which saw Hurricane Ian -- one of the deadliest storms to hit the United States this century -- send costs soaring.
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.
"This reconfirms the 30-year loss trend that's been driven by the accumulation of assets in regions vulnerable to natural catastrophes."
But the study also found that there were more natural catastrophes causing insured losses in 2023, at a record 142.
"The frequency of events was the main driver of the full-year insured loss total," said the report.
- Turkey quake costliest disaster -
Haegeli warned that the intensity of storms would be a problem going forward.
"Fiercer storms and bigger floods fuelled by a warming planet are due to contribute more to losses," he said.
"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."
Swiss Re estimates that insured losses "could double within the next 10 years as temperatures rise and extreme weather events become more frequent and intense".
"Therefore, mitigation and adaptation measures are key to reduce natural catastrophe risk," it said.
The earthquake in Turkey and Syria was the costliest natural disaster of 2023.
Estimated insured losses totalled $6.2 billion, with the earthquake dramatically illustrating coverage gaps around the world, said the report.
Economic losses reached $58 billion but the earthquake hit poorly insured areas, with around 90 percent of losses not covered, the report said.
Last year, severe convective storms alone caused a record $64 billion in insured losses, the study said, noting that such storms are now the second-largest source of losses for insurers after tropical cyclones.
Hailstorms are by far the main contributor to insured losses from severe storms.
The United States accounts for 85 percent of insured losses for storms but the bill is increasing in Europe, exceeding $5 billion per year over the last three years.
The risk of hail in particular is increasing in Germany, Italy and France.
P.Mira--PC