Analysis

Increasing natural catastrophe losses necessitate a resilience focus

By Tim Evershed 2024-04-19T07:00:00

UK flooding

’There is no doubt that climate change increases volatility, frequency and also severity,’ says senior director of product management

2023 was the fourth year in succession that global insured losses from natural catastrophes breached the $100bn barrier. This volume of nat cat losses is now the norm rather than the exception, as is the breaking of climate records – which are being rewritten on an annual basis.

According to the EU’s Copernicus Climate Change Service, the global mean temperature rose to 1.48°C above the pre-industrial average in 2023, surpassing the previous record.

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