Extreme weather is hurting Asian businesses — but it may be more than just climate change
Extreme weather conditions could hurt businesses — but climate change isn't all to blame, said Russell Higginbotham, CEO at Swiss Re's reinsurance Asia arm and its regional president.
The migration of people and resources to coastal areas — which bear the brunt of the effects of natural disasters — have made it harder to combat economic losses from climate change, he told CNBC Wednesday. "People take the easy option to say this is all about climate change. It's a little bit more complicated than that," he said. "It's generally been a migration of population and assets to coastal regions where these events tend to hit."Swiss Re wrote in an April 2019 report
. "The probability of heavy losses, given growing concentrations of economic assets in densely populated towns and cities, has likewise multiplied," the report said. Asian businesses, in particular, will feel the impact of extreme weather conditions. In 2018, the region lost $54.7 billion to natural disasters, according to the same report. That year, economic losses inSearch and rescue crews sort through the debris of a building destroyed by a tornado shortly before the arrival of Typhoon Hagibis, on October 13, 2019 in Chiba, Japan.
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