WASHINGTON (dpa-AFX) - According to Swiss Re Institute's latest sigma report which features mainly global data, floods accounted for 31% of global economic losses from natural catastrophes in 2021, only 2% less than tropical cyclones. As per the report, global economic losses from floods amounted to $82 billion, yet insured losses stood at slightly more than $20 billion, indicating a large protection gap. The largest gap in flood protection is in Asia, with only 7% of economic losses being covered by insurance.
Martin Bertogg, Head of Catastrophe Perils at Swiss Re said: 'Given the scale of devastation, flood risk deserves the same attention and risk assessment rigour as primary perils such as hurricanes.'
The sigma report also predicts that climate change will cause more frequent and more extreme weather events.
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