Resource detail

According to Bloomberg news, the insurance industry is struggling to adapt to a new normal in which losses fuelled by climate change are now regularly exceeding $100 billion a year. As per official data compiled by Munich Re, insured losses from natural disasters hit about $120 billion in 2022. Including uninsured losses, the total cost of storms, droughts, earthquakes, and fires last year was $270 billion. The Munich Re report also shows that uninsured losses are meaningfully larger than those covered by insurance, which tends to focus on the developed world. Africa and Asia, meanwhile, often face the brunt of the fallout from climate change.