![](https://blogs.sas.com/content/hiddeninsights/files/2021/03/Climate-Risk-What-is-it-and-why-is-it-important.jpg)
Climate risk: What is it and why is it important?
In 2020 alone, the global losses from natural disasters amounted to a staggering US$210 billion! This is just short of the 2020 GDP of Portugal, or a little more than twice the market cap of HSBC, Europe’s largest bank. The causes of these huge losses include drought-fuelled wildfires, severe floods