In response to escalating natural catastrophes and rising insured losses, Moses Ojeisekhoba, Chief Executive Officer of Global Clients & Solutions at Swiss Re, stresses the urgent need for society to leverage advanced data-driven insights to drive efforts in adapting to and mitigating risks.
With climate change amplifying weather-related disasters, global insured losses reached $108 billion in 2023 alone, a figure projected to double within the next decade.
While economic growth and asset accumulation in vulnerable regions have historically fueled rising losses, Ojeisekhoba anticipates that the growing impact of climate-driven weather hazards, such as frequent storms and floods, will play a larger role in future insured losses.
These escalating risks and their associated losses highlight the critical importance of using data-driven insights to guide adaptation and mitigation efforts.
Swiss Re asserts its capability to assist society in navigating these evolving risks. For example, by leveraging its unique risk insights to support climate-positive projects that drive technological advancements crucial for achieving net-zero emission goals.
Additionally, Swiss Re’s risk solutions are well-equipped to aid societies in preparing for and adapting to unavoidable extreme weather events.
With over 200 terabytes of meticulously curated risk portfolio data incorporated into more than 190 individual models covering over 90% of all insured exposures, Swiss Re has a robust foundation to provide support.
Ojeisekhoba explains, “With our risk assessment platform for property risks, clients can integrate historical records, satellite imagery, and meteorological data into their decision-making.”
He adds, “Understanding weather patterns as well as terrain features from high-resolution maps helps them develop a ground-level picture of hidden risks within their portfolios or their complex global property footprints.”
This ability to stay informed about evolving exposures is crucial for effective risk management. Swiss Re underscores that over 50% of its exposures to secondary perils, such as thunderstorms, floods, and wildfires, are covered by models developed or updated within the last five years.
