Climate change keeps punching insurers in the wallet—2023 was the 4th straight year over $100 billion of natural catastrophe losses [Fortune]
SWISS RE LTD S/ADR (SSREY)
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Source: Fortune
research from global reinsurer Swiss Re , which reported global insured losses from last year's natural catastrophes (Nat Cat) totaled $108 billion, exceeding the $100 billion mark for the fourth year in a row. Combating these rising losses will require premium increases, risk management, and broader societal efforts, according to Swiss Re experts. “As weather hazards intensify due to climate change, risk assessment and insurance premiums need to keep up with the fast-evolving risk landscape,” Moses Ojeisekhoba, Swiss Re's CEO of global clients and solutions, said in a statement. “Looking ahead, we must focus on reducing the loss potential…Keeping property insurance sustainable and affordable requires a concerted effort by the private industry, the public sector and broader society—not just to mitigate climate risks, but to adapt to a world of more intense weather.” Globally, Nat Cat insured losses have outpaced the global economy “at a much faster rate” over the past three deca
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