A recent report by Swiss Re highlights extreme heat as a critical global threat, particularly to the insurance sector. With increasing heatwaves disrupting transportation, energy, and public health, insurers are likely to face rising financial losses. Jerome Haegeli, Swiss Re's chief economist, emphasized the need to acknowledge heat as an emerging hazard, with consequences far-reaching across various industries. The SONAR report categorizes extreme heat as the top risk, illustrating its dominance over other natural disasters which traditionally received more attention.
Extreme heat is the number one emerging hazard for insurers, posing significant threats to human life and infrastructure, according to Swiss Re's annual SONAR report.
Extreme heat used to be considered the 'invisible peril' because its impacts are not as obvious as other natural disasters, necessitating greater awareness and action.
High temperatures are the biggest weather-related killer globally, affecting various sectors, including agriculture and energy, and increasing risks for the insurance industry.
Insurers face mounting challenges from extreme heat, which disrupts transport and energy systems, exacerbating health issues and leading to potential financial losses.
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