Infographic: How Much Economic Damage Does A Catastrophe Bring?
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Natural disasters like hurricanes and floods have caused more than $2.4 trillion in economic and insurance losses in the past decade. Which disasters tend to be the most costly, and how successfully have residents and businesses protected themselves against serious damage?
In June, the Geneva Association, a global insurance think-tank, warned that the speed at which oceans are warming is threatening insurers’ ability to sell affordable policies in a growing number of places around the world.
Natural disasters like hurricanes and floods have caused more than $2.4 trillion in economic and insurance losses in the past decade. Which disasters tend to be the most costly, and how successfully have residents and businesses protected themselves against serious damage?
In June, the Geneva Association, a global insurance think-tank, warned that the speed at which oceans are warming is threatening insurers’ ability to sell affordable policies in a growing number of places around the world.
“A paradigm shift from historic to predictive risk assessment methods is necessary,” it stressed, adding that the insurance industry needed to support scientific research to gain a better understanding of when and where weather-related disasters will hit.
Related: Parts of World Increasingly “Uninsurable” Due To Climate Change Risk
Disasters and environmental catastrophes can happen anywhere and such losses are likely to escalate in the coming years, in part because of the huge increases and advancements in development. But when they do, how prepared are we for them?
Related: New York Unveils $20bn Plan Create Storm-Proof City
Related: Katrina’s Impact on the US Economy
Related: Japan Tsunami Costs, Lessons for US and EU
via Emergency Management Degrees
