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. 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. 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 ...