Losses due to climate damage have grown by 5 to 7% per year since 1992

A Mapfre report presented at COP30 concludes that last year this type of catastrophe caused economic losses that exceeded 300,000 million dollars (258,182 million euros).

Insured losses – those covered by insurance – derived from extreme weather events have maintained an upward trend, with an annual growth rate of 5 to 7% since 1992, according to data from the Swiss RE Institute cited on Monday by the director of Analysis and Sector Studies at Mapfre Economics, Ricardo González.

On Monday, Mapfre presented the report Climate Change, Extraordinary Risks and Public Policies, prepared by its research service, within the framework of COP30 currently being held in Belém, Brazil.

The different regions of the planet are not protected in the same way against the consequences of climate change due to the low penetration of insurance in emerging economies or the different concentration of the population in risk areas in the world. Asia and Latin America have the largest disaster insurance protection gap, with Asia being the continent with the lowest insurance protection, with a gap of 82.8%, which means that only 17.2% of total catastrophe losses are covered by insurance contracts.

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