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The main cause of high weather-related damage is tropical cyclones, especially in the USA and East and Southeast Asia. That’s the conclusion of a 36-country analysis published by Swiss Re on Wednesday.
According to the study, the Philippines is the country most affected by weather hazards compared to other countries, with annual economic damage currently accounting for 3 percent of gross domestic product (GDP). Moreover, the dangers there are likely to become more intense.
The USA ranks second with a loss equivalent to 0.4 percent of GDP. The amount of damage in absolute terms is at the highest level at 97 billion dollars. At the same time, there is a medium-high probability that weather risks will increase.
Among the countries examined, Switzerland ranks ninth with 0.2 percent. Among European countries, only Austria ranks fourth (0.3 percent of GDP).
Winter storms and floods, as well as severe storms, are the main reasons for high costs in Switzerland. Unlike many developing countries, Switzerland has a high level of insurance coverage and therefore strong insurance protection.
According to the research, if measures are not taken to adapt and reduce the damage, it becomes a problem for countries. Such measures include enforcing building regulations or improving flood protection. At the same time, attention should be paid to the location of areas prone to natural hazards.
According to information obtained, the Swiss Re Institute’s report “Changing Climates: The heat is (still) on” is based on the findings of the Intergovernmental Panel on Climate Change (IPCC) and our own assessments.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
