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Climate change a far greater threat to global economy than Covid-19 pandemic amid rising intensity of heatwaves and floods, Swiss Re says

Climate change poses a bigger risk to long-term global economic growth than the ongoing Covid-19 pandemic, according to Swiss Re.

The world just had the third warmest June on record last month, with the average temperature 0.32 degrees Celsius higher than the average for the month in the three decades to 2020, according to Europe’s Copernicus Climate Change Service.

The company, one of the world’s biggest reinsurers, estimated that US$270 billion worth of economic losses were caused by natural catastrophes worldwide last year, of which a third were attributed to floods. Just a quarter of flood-related losses were covered by insurance.


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