SWISS RE LTD
Associated tags: Climate change, Swiss Re, Insurance, Crime, Law
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New record of 142 natural catastrophes accumulates to USD 108 billion insured losses in 2023, finds Swiss Re Institute
Global insured losses from natural catastrophes outpaced global economic growth over the past 30 years: From 1994 to 2023, inflation-adjusted insured losses from natural catastrophes averaged 5.9% per year, while global GDP grew by 2.7%.
- Global insured losses from natural catastrophes outpaced global economic growth over the past 30 years: From 1994 to 2023, inflation-adjusted insured losses from natural catastrophes averaged 5.9% per year, while global GDP grew by 2.7%.
- 2023 was also marked by a high frequency of events as 142 insured natural catastrophes set a new record.
- Hailstorms are by far the main contributor to insured losses from SCS, responsible for 50–80% of all SCS-driven insured losses.
- Global insured losses from SCS accumulated to a new record of USD 64 billion globally in 2023, 85% originating in the US.
Economic losses set to increase due to climate change, with US and Philippines the hardest hit, Swiss Re Institute finds
Jérôme Jean Haegeli, Swiss Re's Group Chief Economist, says: "Climate change is leading to more severe weather events, resulting in increasing impact on economies.
- Jérôme Jean Haegeli, Swiss Re's Group Chief Economist, says: "Climate change is leading to more severe weather events, resulting in increasing impact on economies.
- The more accurately climate change risks are priced, the greater the chances that necessary investments will actually be made."
- This provides a view of the possible direct economic implications if weather-related natural catastrophes intensify due to climate change.
- Ultimately, losses as a share of GDP of each country will depend on future adaptation, loss reduction and prevention.
Klimawandel sorgt für Anstieg wirtschaftlicher Schäden, vor allem in den USA und den Philippinen, warnt das Swiss Re Institute
Multi-cancer early detection tests: a simple blood test has the potential to revolutionise cancer screening
Swiss Re Institute's new report "Multi-Cancer Early Detection: cancer screening beyond today's boundaries", explores the future risks and opportunities for patients and insurers.
- Swiss Re Institute's new report "Multi-Cancer Early Detection: cancer screening beyond today's boundaries", explores the future risks and opportunities for patients and insurers.
- However, given this early stage of their development, we need to carefully examine their potential, their risks, and the implications for insurers."
- MCED blood tests are a type of liquid biopsy which can detect cancer biomarkers in a single sample of blood.
- How to order this study:
You can download "Multi-Cancer Early Detection: cancer screening beyond today's boundaries" here .
Tests zur Krebsfrüherkennung: Ein einfacher Bluttest hat das Potenzial, die Krebsdiagnose zu revolutionieren
Globaler Marktausblick: Versicherungssektor stärkt Widerstandskraft in schwierigem Umfeld, sagt Swiss Re Institute
Swiss Re übernimmt Fathom, ein führendes Unternehmen in der Erforschung von Wasserrisiken
Swiss Re studies reveal that Electronic Health Records can speed up underwriting process by more than seven times
Swiss Re's extensive learnings emphasize the significance of digital Electronic Health Records (EHRs) for quicker and more accurate underwriting decisions.
- Swiss Re's extensive learnings emphasize the significance of digital Electronic Health Records (EHRs) for quicker and more accurate underwriting decisions.
- Armonk, New York, 15 November 2023 – Studies from Swiss Re and leading life carriers reveal that Electronic Health Records (EHRs) can have a transformative impact on the traditional life & health underwriting process, resulting in quicker, non-invasive decisions for customers, more personalized risk assessment by underwriters, and maintained mortality expectations.
- "We believe that the use of Electronic Health Records creates opportunities to offer a wider range of customers a less invasive process and faster underwriting decisions.
- Further information on forward looking statements can be found in the Legal Notice section of Swiss Re's website.
Global outlook: Insurance industry strengthens resilience in challenging environment, says Swiss Re Institute
Major economies are diverging with the US continuing to grow, Europe stagnating and China grappling with structural domestic growth challenges.
- Major economies are diverging with the US continuing to grow, Europe stagnating and China grappling with structural domestic growth challenges.
- According to the sigma "Risk on the rise as headwinds blow stronger" the global insurance industry's strengthening financial position offers welcome reinforcement against elevated macroeconomic and geopolitical risks.
- Jérôme Jean Haegeli, Swiss Re's Group Chief Economist, says: "Fading economic tailwinds and geopolitical uncertainties reinforce the primary insurance industry's essential role in risk transfer.
- The adjustment to the new normal of higher interest rates is supportive for the global life insurance industry.