Climate panel's recommendations are a wake-up call for all

Peter Höppe, Munich Re

The findings of the Intergovernmental Panel on Climate Change (IPCC) are clear: if no action is taken, global warming will mean huge risks worldwide in the future – for populations, for companies, and for countries. Munich Re's loss figures also reflect the increasing risks: economic and insured losses from weather-related natural catastrophes across the world are increasing significantly in the long term, even when adjusted for inflation. The major drivers are increases in values and changes in vulnerability to losses, such as disproportionate increases in damage to building façades from windstorm and hail caused by the increasing use of materials that are more susceptible to damage and costlier.