Changing climates: the heat is (still) on : hazard intensification set to compound economic losses

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      <subfield code="a">Changing climates: the heat is (still) on</subfield>
      <subfield code="b">: hazard intensification set to compound economic losses</subfield>
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      <subfield code="a">In this study, it combines the insurance knowledge of property damage resulting from natural disasters with new scientific evidence from the IPCC on the probability (low, medium, high) of more severe weather conditions. To date, the main drivers of rising losses have been economic growth and urbanisation. Climate change plays a relatively small role today, but we expect associated losses to accumulate and contribute more in the future. The  analysis covers 36 countries and focuses on four major weather perils: floods, tropical cyclones, winter storms in Europe and severe convective storms. These are the main loss-inducing perils for the insurance industry today and account for the largest share of economic losses from natural disasters globally. As of today, in terms of property impact, these perils cause expected economic losses of USD 200 billion annually. This is just the lower bound of all potential losses, as not all weather perils (eg, heatwaves) are covered, and only property losses are accounted for. As changing climates fuel weatherevent intensity, loss potential will likely rise</subfield>
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