ANALIZA EKONOMSKIH I OSIGURANIH GUBITAKA USLED EKSTREMNIH VREMENSKIH I KLIMATSKIH USLOVA
ANALYSIS OF ECONOMIC AND INSURED LOSSES DUE TO EXTREME WEATHER AND CLIMATE CONDITIONS

Summary/Abstract: Insurance has an extremely important role in modern living and business conditions. Regardless, its development is not globally equable, because there are large disparities in the degree of its representation in developed and developing economies. As insurance is the most effective mechanism for compensation of damages, economic development is closely connected with the development of insurance market. We are witnessing growing economic losses due to extreme weather and climate conditions as a consequence of climate changes. The prosperity of the affected areas or economies depends on the possibility and effectiveness of compensation of these losses. The subject of this paper's analysis is the total economic and insured losses due to extreme weather and climate conditions in European countries, as well as their change in the last 14 years, but also the analysis of the participation of the insured in total economic losses. The results of the analysis shows almost identical growth rates of economic and insured losses, which is not in favor of the growing share of insurance in compensation for damages due to climate changes. In addition was performed an risk analysis according to types of hazards and the results shows the dominant share of economic losses due to hydrological hazards as well as the largest share of insured losses due to meteorological hazards.

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