Global warming will lead to growing intensity and frequency of severe weather events, rising losses, as well as greater uncertainty in the assessment of these events by the insurance industry, which could make some weather risks uninsurable, according to a report published by Swiss Re.

“Failure to take immediate, tangible action to confront warming temperatures could lead to climate systems reaching irreversible tipping points,” said the sigma report titled “Natural catastrophes in times of economic accumulation and climate change.”

Swiss Re predicts that economic and insured losses resulting from such events will rise in the coming decades, which poses a major threat to global resilience. In other words, the report emphasized, the insurability of weather risks could be jeopardized, particularly in high-exposure accumulation areas.

The full extent of the impact of climate change is difficult to predict, and it could take decades to gather the proof points needed to confirm the changes that are already underway, report indicated.

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