Swiss Re Institute predicts $200bn annual global economic losses due to climate change, with the US and Philippines facing $97bn and $12bn losses, respectively.
Swiss Re Institute warns that climate change will cause global estimated economic losses of $200bn annually, with the US and Philippines hit hardest. The US suffers $97bn annual losses, almost 0.4% of GDP, while the Philippines faces $12bn losses, equating to 3% of its GDP. The study identifies countries with large insurance protection gaps and those not keeping pace with economic growth as most vulnerable, especially fast-growing Asian economies.
February 28, 2024
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