Reinsurers Call for Climate Action

The US$600 billion reinsurance industry helps insurance companies pay damage claims from hurricanes, floods, or earthquakes. The industry is calling for climate action. Swiss Re’s data shows natural disasters have caused an average US$180 billion in economic damage per year over the last decade; 70% of the damage was uninsured. Credit rating agency Standard & Poor’s said big natural catastrophes can lead to cuts in sovereign credit ratings.