The re/insurance industry has experienced increased losses in 2018 due to the heightened risk of extreme weather events and catastrophes from the effects of rising temperatures caused by climate change, according to Swiss Re. Climate change will continue to exacerbate the damage caused by wildfires, droughts and tropical cyclones, which will become more frequent, the firm said. In recent years, insured losses from wildfires hit an all-time high of $17bn globally, while high temperatures and low rainfall debilitated farms across South Africa, Argentina and Europe. Other factors affecting losses include increased population density, wealth concentration and coastal exposures.
The re/insurance industry has experienced increased losses in recent years due to the heightened risk of extreme weather events and catastrophes from the effects of rising temperatures caused by climate change, according to Swiss Re. Climate change will continue to exacerbate the damage caused by wildfires, droughts and tropical cyclones, which will become more frequent, the firm said. In 2018, insured losses from wildfires hit an all-time high of $17bn globally, while high temperatures and low rainfall debilitated farms across South Africa, Argentina and Europe. Other factors affecting losses include increased population density, wealth concentration and coastal exposures.