RAJASTHAN, India — India’s climate change-linked extreme weather events are having a greater impact on the country’s real estate, and consequently the cost of insuring properties. That’s opening the door to more resilient building designs as businesses and property owners seek to head off increases in premiums, which are set to only rise further as impacts intensify.
In 2023, natural catastrophes in the country caused $12 billion in losses, according to Swiss Re, above the 10-year annual average of $8 billion. Emerging risk hot spots susceptible to catastrophes such as floods and cyclones are located in Gujarat, Maharashtra, Tamil Nadu and Delhi, the reinsurance company said in a Janu report.
