New record of 142 natural catastrophes accumulates to USD 108 billion insured losses in 2023, finds Swiss Re Institute - Seite 3

Setting premiums as incentives for adaptation measures

Increased exposures due to economic and population growth, urbanisation and wealth accumulation remain the main force behind rising SCS-related losses, and climate change-effects are likely to exacerbate the trend. Another factor is changes in exposure vulnerabilities, such as a rapid growth of solar power system installations on roof tops.

The first step to cutting losses is to reduce the loss potential through adaptation measures like enforcing building codes, building flood protection barriers, and discouraging settlement in areas prone to natural perils. Additionally, a collaboration with primary insurers, insurance associations and the public sector enables a data exchange which is key for shared risk mitigation. 

Download the sigma study and join the Swiss Re Media Dialogue
We will discuss the key findings of the report and how collaboration is required to maintain insurability in a press event on 26 March, 11:00 to 12:00 CET. Please join us in person in Zurich or online and register via this link: Swiss Re Media Dialogue. The English version of the sigma 1/2024, "Natural catastrophes in 2023: gearing up for today's and tomorrow's weather risks", is available in electronic format. You can download it here.

 

Table 1: Total economic and insured losses in 2023 and 2022

USD billion in 2023 prices	2023	2022	Previous 10-y average
Economic losses (total)	291	295	235
Natural catastrophes