Financial losses by natural disasters worldwide witness sharp increase from $166 billion to $210 billion in 2020

In an annual report, Munich Re revealed that the financial losses caused by the natural disasters worldwide witnessed a sharp increase from the $166 billion global bill in 2019 to $210 billion in 2020.

Came just a day before the European Union’s Copernicus Climate Change Service the report said, “2020 tied with 2016 as the world’s warmest year on record, rounding off the hottest decade globally as the impacts of climate change intensified.” Munich Re board member Torsten Jeworrek said, “Climate change will play an increasing role in all of these hazards,” adding further, “As part of the Paris Agreement five years ago, the global community set itself the target of keeping global warming well below 2 degrees Celsius. It is time to act.”

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