Swisse Re, natural disasters: losses of 120 billion dollars in six months
I damage caused by extreme events caused by climate change become more and more frequent and consistent. The amount of losses, worldwide, is 120 billion dollars in the last six months, of which only of which only 50 are insured, the first half of the year records the second negative record ever after 2011.
L’heaviest weather event in Italy – in terms of costs – it was precisely the flood that occurred in Emilia-Romagna, which alone caused it 10 billion in damages, of which only 6% was insured. An “insurance gap” of 94% that should be at least partially filled to help households and businesses strengthen their resilience against natural disasters.
This is what emerges from the analysis of the Swiss reinsurer Swiss Re, according to which in the world the disaster bill grows with a constant average between 5% and 7% every year, so much so that the first half of 2023 is 46% more expensive than the average of the last 10 years. An increase due to global warming, but also to rapid urbanization and the higher value of insured assets.
Read also: Emilia Romagna flood, Bonaccini to Meloni: “Ignore our requests”
In the last two years theItaly has experienced drought conditions, but with recent heavy rainfall the ground has quickly become saturated, causing devastating floods. Drought is a generalized trend across Europe, but i meteorological changes with less rare but more intense rainsin addition to the conformation of the territory, could represent a dangerous mix.
Climate change, intense storms responsible for 70% of insured losses
“The effects of climate change they manifest themselves in increasingly extreme weather events – says Jérôme Jean Haegeli, Group Chief Economist of Swiss Re – and we see the consequences in heat waves or periods of drought, as well as in heavy rains and floods. Then the modification of the territories of the coastal and river areas and the urbanization towards previously natural territories weigh. A combination that is difficult to reverse against which it is necessary to have cheap insurance products. We need to invest more to adapt to the climate and we need to do it now.”
Read also: Climate, scientists curb the media: “Enough talking about generic bad weather”
Globally, the TSevere storms are responsible for about 70% of losses insured, equal to 35 billion dollars. It’s about a figure almost double the average of the last ten years ($18.4 billion). “Heavy storms cause the greatest losses – says Martin Bertogg, Head of Catastrophe Perils at Swiss Re – and these events, which we define as ‘secondary’ they are one of the main drivers of the increase in damages”.
Il earthquake that hit Syria and Türkiye remains the single most devastating event, not only in terms of human lives, but also financially. According to Swiss Re, the “insured” losses reach 5.3 billion dollars, up sharply from the 3.4 previously assumed by the World Bank.
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