A huge rise in natural catastrophe events means that insurers and reinsurers must sharpen data on risks they insure with a major focus on high-population, high-dollar urban areas, a reinsurer advised yesterday at a renewal meeting.

Munich Re reported from the annual reinsurance renewal meeting in Baden-Baden, Germany, that taking inflation into account, economic losses in the past 10 years have more than doubled compared to the 1980s, with insured losses rising by a factor of 2.5.

The reinsurer said there has been a steady rise in weather-related natural catastrophes during recent decades, and this also applies to Europe, the company said, adding that weather-related natural hazard events are expected to increase in number and severity, due to the impacts of climate change.

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