According to reinsurer Swiss Re, damage caused by natural disasters will skyrocket in the coming years.
By 2040, insured weather-related catastrophe losses in developed markets are likely to increase by 30 to 63 percent, said the chief economist of the Swiss group, Jérôme Haegeli, on Monday when presenting a study in an online conference.
In Germany the damage could even increase by more than 90 percent, in China and Great Britain by almost 120 percent.
"That makes it even more urgent that we achieve the Paris climate targets," said Haegeli.
The study is one of the first publications on the occasion of the annual reinsurance industry meeting.
Because of the corona pandemic, as in 2020, it will not take place in Monte Carlo as usual, but online.
Haegeli expects the consequences of climate change to also drive up building insurance premiums by $ 149 to 183 billion worldwide by 2040. Overall, the premium volume in this area should even triple to 1.3 trillion dollars by then, according to the study. The biggest driver will be economic growth, which will account for around three quarters of the increase.