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Zurich, Switzerland — Swiss Re Institute Wednesday predicted economic losses from climate change will rise, with US and Philippines most affected.

Weather perils cause $200 billion in global losses annually, the statement said, adding that adaptation measures crucial. Philippines faces 3% GDP loss, US 0.4%. Insurance industry can aid in risk reduction, Swiss Re offered.

Floods and cyclones main drivers of losses. Asian economies vulnerable. Adaptation actions key to reducing losses. Top countries exposed to weather perils listed.

ABB: 80% CO2 Reduction by 2030

By Lisa Luckas

Lisa Luckas is a Sr. Business News Editor at Nobot.News.

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