The report highlighted that natural catastrophes – particularly secondary perils – are increasing in frequency and severity in all regions.
“The effects of climate change are evident in increasingly extreme weather events, such as the unprecedented floods in Australia and South Africa,” said Martin Bertogg, head of catastrophe at Swiss Re. “This confirms the trend we have observed over the last five years – that secondary perils are driving insured losses in every corner of the world. Unlike hurricanes or earthquakes, these perils are ubiquitous and exacerbated by rapid urbanization in particularly vulnerable areas. Given the scale of devastation across the globe, secondary perils require the same disciplined risk assessment as primary perils such as hurricanes.”
In February, Europe was hit by a series of winter…
