AbsoluteClimo’s climate risk models forecast fewer economic losses in 2020
AbsoluteClimo, a climate and weather modeling, forecasting and risk management firm based in Hawaii, says its models suggest that in 2020 global total economic losses from climate-driven natural catastrophes are most likely to meet or exceed $110 billion.
That’s significantly lower than the number seen this year and also lower than the company’s own forecasts for 2017, 2018 and 2019.
A year ago, AbsoluteClimo came out with a forecast from its ClimoCats model, which suggested near normal expected global total climate-driven catastrophe losses of $153 billion, with a probability range of $90 billion (best) to $257 billion (worst).....MORE
In the end that appears to have been very close to the money, as reinsurance firm Munich Re preliminarily estimated 2019 economic catastrophe losses at $150 billion.
Losses to the insurance and reinsurance sector specifically were $52 billion, which was aligned with long term averages....
