Around $584 billion could be wiped off the global economy by catastrophic events in 2020, according to an annual Global Risk Index by the Centre for Risk Studies at Cambridge Judge. The index measures the potential impact on 279 major cities across the globe, accounting for 41 per cent of global GDP. “Corporate risk is escalating along with the cadence and ferocity of climate-related catastrophes. While reinsurers saw a year of below-average insurance losses in 2019, they remain wary of events that could generate record losses like the 2017 hurricanes and an increasing number of wildfires,” said Andrew Coburn from the Centre for Risk Studies.
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