By Neena Bhandari
Sydney, 08.03.2024 (SciDev.Net): Climate change will be the main driver of future economic risks, with countries in the Asia Pacific region among the most vulnerable to extreme weather events, according to new analysis.
Four weather perils –– floods, tropical cyclones, winter storms and severe thunderstorms –– account for the largest share of economic losses from natural disasters globally, according to a report by the Swiss Re Institute, the research arm of global insurance firm Swiss Re. Of 36 countries studied, the Philippines is the most impacted by tropical cyclones, severe thunderstorms and floods, and these hazards are highly likely to intensify here, the report says. This causes the Philippines annual economic losses (based on property damage) of 3 per cent of GDP –– eight times more than any other country.
The analysts argue that private sector finance must be mobilised to mitigate these risks and adapt to climate change.
