Climate change sets off alarm bells for the insurance industry: Swiss Re

In 2023, 142 natural catastrophes were recorded, totaling $108 billion in insured losses

The year 2023, classified as the hottest in history, was marked, globally, by 142 natural catastrophes that caused insured losses of 108,000 million dollars; with the earthquake in Turkey and Syria being the most costly, according to the study presented by the Swiss Re Institute.

The insurance specialist estimates that insured losses could double in the next ten years as temperatures rise and extreme weather events become more frequent and intense. Mitigation and adaptation measures are therefore essential to reduce the risk of natural disasters.

“After tropical cyclones, severe convective storms (STDs) have established themselves as the second largest hazard that generates losses. In 2023, these catastrophic events set a new high: insured losses of $64 billion,” the document states.

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