Economic losses from extreme weather set to increase, says Swiss study
A recent study by Switzerland’s reinsurance company Swiss Re revealed that economic losses from extreme weather events are expected to increase with climate change, and the Philippines is the most affected. Germany is among the 15 countries with the highest burden.
This content was published on
2 minutes
Keystone-SDA
According to modelled estimates, the losses in the Philippines currently account for 3% of the country’s gross domestic product (GDP), the Swiss Re Institute reported in Zurich on Wednesday. Germany ranked 14th.
The institute analysed data on four weather events in Europe: floods, tropical cyclones, severe thunderstorms and winter storms. Together, they cause economic damage estimated at around $200 billion (CHF 176 billion) per year worldwide. According to Swiss Re, these are model calculations based on figures for the year 2022.
More
More
More intense weather events strain rescue teams
This content was published on
Swiss volunteer fire brigades are finding it difficult to cope with the rise in extreme weather events in the country.
The United States (USA) ranked second, with losses amounting to 0.38% of GDP, followed by Thailand, Austria and China. Germany ranked 14th, with losses amounting to 0.14% of GDP. In absolute figures, the losses in the USA are currently by far the highest, at around $97 billion per year.
“Climate change is leading to a rise in severe weather events and is therefore becoming an ever-greater burden on the economy,” said Swiss Re chief economist Jérôme Jean Haegeli.
The model calculations refer to total losses, not just insured losses. Other weather events, such as heatwaves, were not taken into account. Projections into the future are not possible, said a spokeswoman.
Swiss Re has analysed the countries most affected by climate change losses, for which a good data situation is available. “These estimates tend to be at the lower end of possible economic losses,” the institute reported. “As climate change leads to an intensification of weather events, the loss potential is also likely to increase.”
Translated from German by DeepL/sp
This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo.ch we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles. You can find them here.
If you want to know more about how we work, have a look here, and if you have feedback on this news story please write to english@swissinfo.ch.
New gel developed in Zurich renders alcohol harmless
This content was published on
A newly developed gel composed of whey proteins breaks down alcohol in the body and could reduce its harmful and intoxicating effects in humans.
Pro-Palestine protests extend to Basel and Fribourg universities
This content was published on
Demonstrators called for an academic boycott of all Israeli institutions and disassociation with Chaim Weizmann, the first Israeli president.
This content was published on
In many cases, China's use of AI undermines the national security of the US and its allies, according to a US government representative.
Swiss Hells Angels trial alleges rape and money laundering
This content was published on
An allegedly high-ranking member of the Hells Angels is accused of money laundering totalling millions and rape, among other serious crimes.
SWISS is airline ‘group flagship’ says Lufthansa boss
This content was published on
Despite challenges, Lufthansa and its most important subsidiary, Swiss International Airlines, promise increased satisfaction and continued growth.
Swiss rediscover communist zeal after 84-year hiatus
This content was published on
Over 300 participants founded the Revolutionary Communist Party (RKP) at its congress in Burgdorf in canton Bern at the weekend.
This content was published on
Nemo brought the Eurovision Song Contest to Switzerland with a victory on Saturday evening in Malmö, Sweden. It is Switzerland's third victory in the history of the music contest.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Climate records tumble as Switzerland swelters in heatwave
This content was published on
The late-summer heatwave is creating new temperature records in Switzerland and raising concerns about the Alpine nation's 1,400 glaciers.
Greenpeace warns of global warming impact in Switzerland
This content was published on
The environmental organisation, Greenpeace, has warned that Switzerland is more affected by global warming than the global average.
Effects of 1.5°C global warming in Switzerland and beyond
This content was published on
In 2024 we could exceed 1.5°C global warming for the first time. Here are the possible consequences for life on the planet.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.