. Chicago: Aon plc’s monthly Global Catastrophe Recap report reveals that flooding and inland storms led to multi-billion-dollar economic loss in western and southern Europe during the month.   Italy suffered the majority of losses as an active stretch of...

The Economist Intelligence Unit’s (EIU) Climate Change Resilience Index measured the preparedness of the world’s 82 largest economies and found that based on current trends the fallout of warming temperatures would shave off three percent of global GDP by 2050.Its analysis, which assesses each country’s direct exposure to loss as climate change brings more frequent extreme weather events, found Africa was most at-risk, with 4.7 per cent of its GDP in the balance.

Steve Bowen, Director and Meteorologist within Aon’s Impact Forecasting team, said: “Vulnerabilities around tropical cyclones, flooding, and wildfires were again exposed during October. Events such as Typhoon Hagibis in Japan and wildfires in California served as a reminder of the repetitive, or clustering, nature of certain perils on a year-to-year basis that can often be hard to predict. With ample exposure located in high-risk locations all around the world, it becomes increasingly important to utilize the latest tools available to better prepare for future weather and climate-related scenarios in both mature and developing markets.”

The increase in wildfires has prompted underwriters, such as Hiscox Ltd to incorporate new risks models and stop insuring some clients in high-risk areas such as California.Overall, 10% of insurers refused to renew policies in wildfire-prone areas in California in 2018, according to the California Department of Insurance.