Estimated insured losses from natural catastrophes are on track to surpass US$100 billion in 2024 – for the fifth consecutive year — and are likely to exceed US$135 billion, according to Swiss Re Institute.
A warming climate is contributing to the occurrence of many of the natural catastrophes seen this year, said Swiss Re, noting that 2024 is set to become the hottest year on record – at 1.54°C above the pre-industrial aver