Climate change shows 'claws' with rising costs for disasters, Munich Re says

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Climate change shows 'claws' with rising costs for disasters, Munich Re says

//business-finance.news-articles.net/content/202 .. h-rising-costs-for-disasters-munich-re-says.html

Published in Business and Finance on Thursday, January 9th 2025 at 9:41 GMT by Reuters
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Hurricanes, storms, floods and other natural disasters caused an estimated $140 billion in insured losses in 2024, up from 2023 and one of the costliest years on record, Munich Re said on Thursday.

210x110/6973 Bytes

The article from Reuters discusses how climate change is escalating the financial burden of natural disasters, as highlighted by Munich Re, one of the world's largest reinsurers. In 2023, natural catastrophes resulted in approximately $250 billion in losses, with only $95 billion covered by insurance, indicating a significant protection gap. Munich Re's CEO, Joachim Wenning, emphasized that the frequency and severity of weather-related events are increasing, driven by climate change, which in turn is pushing up the costs of these disasters. The report also notes that while North America experienced the highest economic losses, Asia saw the most fatalities due to natural disasters. Munich Re is advocating for better risk management and increased insurance coverage to mitigate these growing risks.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/climate-change-shows-claws-with-rising-costs-disasters-munich-re-says-2025-01-09/ ]