"Up to half a million people globally succumb to the effects of extreme heat each year," it said in its annual SONAR report on risks to the global economy and the insurance industry.
"Heat-related risks extend to wildfires, healthcare systems, infrastructure and agriculture," it added, noting that the World Meteorological Organization had reported that 2024 was the hottest year on record.
"There is clear evidence that extreme heat events are happening with greater severity, frequency and duration," the company said in a statement announcing its report.
"The claims implications are many, stemming from more accidents, illness, chronic diseases and even death," it added.
"Extreme heat can also stress healthcare systems, in turn raising the costs of medical insurance."
Jerome Haegeli, Swiss Re's chief economist said in the statement: "With a clear trend to longer, hotter heatwaves, it is important we shine a light on the true cost to human life, our economy, infrastructure, agriculture and healthcare system."
The leading insurer for insurance companies publishes its SONAR report every year to try to identify the main risks insurance companies will face in the coming years.
Its 2025 edition also identified dangers from artificial intelligence, in particular from deep fake, litigation over intellectual property rights and defamation.
May 2025 second warmest on record: EU climate monitor
Paris (AFP) June 11, 2025 -
Global heating persisted as the new norm, with last month the second warmest May on record on land and in the oceans, according to the European Union's climate monitoring service.
The planet's average surface temperature dipped below the threshold of 1.5 degree Celsius above preindustrial levels, just shy of the record for May set last year, according to the Copernicus Climate Change Service.
The same held for the world's oceans. With a surface temperature of 20.79C, last month was second only to May 2024, with some unprecedented warmth regionally.
"Large areas in the northeast North Atlantic, which experienced a marine heatwave, had record surface temperatures for the month," Copernicus reported. "Most of the Mediterranean Sea was much warmer than average."
The increasingly dire state of the oceans is front-and-centre at the third UN Ocean Conference (UNOC), which kicked off Monday in Nice, France.
Ocean heatwaves are driving marine species to migrate, decimating coral reefs, damaging ecosystems, and reducing the ability of ocean layers to mix, which hinders the distribution of nutrients.
Covering 70 percent of the globe's surface, oceans redistribute heat and play a crucial role in regulating Earth's climate.
Surface water warmed by climate change drive increasingly powerful storms, causing new levels of destruction and flooding in their wake.
Some parts of Europe, meanwhile, "experienced their lowest levels of precipitation and soil moisture since at least 1979", Copernicus noted.
Britain has been in the grips of its most intense drought in decades, with Denmark and the Netherlands also suffering from a lack of rain.
Persistent dry conditions have also led to the lowest spring river flow across Europe since records began in 1992.
- 'Brief respite' -
Boreal forests across Canada, northern Europe and Siberia saw the second warmest spring on record, fuelling forest fires in Canada where two provinces declared a state of emergency.
Ten days into June, more than 220 actives fires burned across the country, half of them classified as out-of-control.
Earth's surface last month was 1.4C above the preindustrial benchmark, defined as the average temperature from 1850 to 1900, before the massive use of fossil fuels caused the climate to dramatically warm.
"May 2025 interrupts an unprecedentedly long sequence of months above 1.5C," noted Carlo Buontempo, director of the Copernicus Climate Change Service.
All but one of the previous 22 months crossed this critical threshold, which marks the 2015 Paris Agreement's most ambitious target for capping global warming.
"This may offer a brief respite for the planet, but we expect the 1.5C threshold to be exceeded again in the near future due to the continued warming of the climate system," he added.
Over the 12-month period June 2024 to May 2025, warming averaged 1.57C compared to the 1850-1900 benchmark.
The Paris treaty target, however, is pegged to a 20-year average, in order to account for the influence of natural variability.
The UN's climate science advisory panel, the IPCC, has said there is a 50 percent chance of breaching the 1.5C barrier in line with these criteria between 2030 and 2035.
Using this method of calculation, the world today has warmed by at least 1.3C.
The UN's World Meteorological Organization (WMO), meanwhile, has said there is a 70 percent chance the five-year period 2025-2029, on average, will exceed the 1.5C limit.
Scientists stress the importance of limiting global warming as soon and as much as possible because every fraction of a degree increases the risks of more deadly and destructive impacts, on land and in the sea.
Limiting warming to 1.5C rather than 2C would significantly reduce the most catastrophic consequences, the IPCC concluded in a major report in 2018.
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