Swiss Re's report finds the US and Philippines face the highest economic losses from climate-driven extreme weather as a percentage of their economies, with the US at 0.4% GDP and the Philippines at 3%.

Swiss Re's report reveals that the US and the Philippines experience the highest economic losses from climate-driven extreme weather, measuring as a percentage of their economies. The US faces an estimated $97bn in annual losses, equivalent to 0.4% of GDP, while the Philippines faces $12bn, which amounts to a 3% share of its GDP. The study warns that climate change is causing more severe weather events, leading to increased economic impact.

February 28, 2024
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