The effects of climate change: Storm damage in Europe on the rise
This Swiss Re focus report summarises the results of a scientific study conducted jointly by Swiss Re and the Swiss Federal Institute of Technology Zurich (ETHZ) to quantify the impact of climate change on winter storm losses in Europe.
Based on the findings of the study, Swiss Re forecasts a significant rise in damage from storm events in the long term, creating additional risk for society and insurers to manage.
For the first time, scientists have linked Swiss Re’s loss model with climate models to quantify the impact of climate change on European winter storm damage. Claims are forecast to increase by 16 – 68 percent over the period 1975–2085 in constant currency. The impact will, however, vary from country to country.
The publication examines the implications of the expected rise in losses on the insurance industry and highlights the importance of reflecting these developments in pricing and risk steering models.
Finally, the publication points to the need for a concerted effort by all economic and societal stakeholders to develop a successful solution for the challenges of climate change.
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