Page 51 - Insurance Times May 2024

Setting premiums as incentives for Total economic and insured losses in
adaptation measures 2023 and 2022
Increased exposures due to economic and population USD billion 2023 2022 Previous 10-y
growth, urbanisation and wealth accumulation remain the in 2023 prices average
main force behind rising SCS-related losses, and climate Economic losses (total) 291 295 235
change-effects are likely to exacerbate the trend. Another Natural catastrophes 280 286 223
factor is changes in exposure vulnerabilities, such as a rapid Man-made catastrophes 11 9 12
growth of solar power system installations on roof tops. Insured losses (total) 117 141 99
Natural catastrophes 108 133 89
Man-made catastrophes 9 8 10
The first step to cutting losses is to reduce the loss potential
through adaptation measures like enforcing building codes, Note: Due to rounding, some totals may not correspond with
building flood protection barriers, and discouraging the sum of the separate figures.
settlement in areas prone to natural perils. Additionally, a Source: Swiss Re Institute
collaboration with primary insurers, insurance associations
and the public sector enables a data exchange which is key Disclaimer
for shared risk mitigation. Although all the information discussed herein was taken from
reliable sources, Swiss Re does not accept any responsibility for
the accuracy or comprehensiveness of the information given
Download the sigma study and join the or forward-looking statements made. The information provided
Swiss Re Media Dialogue and forward-looking statements made are for informational
purposes only and in no way constitute or should be taken to
We will discuss the key findings of the report and how
reflect Swiss Re's position, in particular in relation to any
collaboration is required to maintain insurability in a press
ongoing or future dispute. In no event shall Swiss Re be liable
event on 26 March, 11:00 to 12:00 CET. Please join us in
for any financial or consequential loss or damage arising in
person in Zurich or online and register via this link: Swiss Re connection with the use of this information and readers are
Media Dialogue. The English version of the sigma 1/2024, cautioned not to place undue reliance on forward-looking
"Natural catastrophes in 2023: gearing up for today's and statements. Swiss Re undertakes no obligation to publicly revise
tomorrow's weather risks", is available in electronic format. or update any forward-looking statements, whether as a result
You can download it here. of new information, future events or otherwise.

Attention Subscribers

We have revised our Subscription tariff wef 4.2.2023.

Scheme name Period Ordinary post Amazon By Registered Online
Discount Voucher post* Subscription
IT- 1 1 Years 1200 - 1680 900
IT- 3 3 Years 3600 750 5040 2520

IT- 5 5 Years 6000 1400 8400 4050
IT- 8 8 Years 9600 2500 13440 6240
Free Online Edition with Print Edition
Please mail at insurance.kolkata@gmail.com for tariff for delivery outside India

Corrigendum
Kindly refer to the article- Indian Insurance Industry welcomes you by R Venugopal- on page 26 in the April copy of Insurance
Times. It is mentioned there in the first para that FDI limit has been increased to 49 percent from 26 percent in the sector.
This is wrong. The correct position is FDI limit has been increased to 74 percent from 49 percent in the sector. We regret
this error.
- Editor

The Insurance Times May 2024 47