Around the world, insured damages inflicted by natural catastrophes are climbing fast and set to double in roughly 10 years, the Swiss Re Institute — the research arm of the giant reinsurance firm — said in a report published Tuesday.
The financial repercussions for policyholders will be painful if the trajectory continues as predicted. “Premiums have to move in line with this risk,” said Jerome Jean Haegeli, Swiss Re’s chief economist and the lead author of the report.
Insured losses from natural catastrophes have been on a slow and steady rise. Although last year saw