Climate inaction caused massive economic losses in 2012

Swiss Re, a large reinsurance and insurance company, calculates the massive costs of climate inaction in 2012:

Economic losses from natural catastrophes and man-made disasters will likely reach at least USD 140 billion in 2012… Natural catastrophes alone will lead to over 11 000 lives lost and roughly USD 60 billion in insured claims.

This total betrays the too common claim that climate action is uneconomic or too costly.

And the Swiss reinsurer is not alone. In October 2012, Munich Re issued a study warning of the economic costs of weather extremes and natural disasters driven by climate change.