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Consumers wary of catastrophic costs: Swiss Re

Almost 80% of consumers fear governments will leave them to foot the bill for damage from earthquakes, floods or other natural disasters over the next 20 years, according to a global survey by Swiss Re.

“The findings are a call for better co-operation between government and the private sector,” the reinsurer’s Group Chief Risk Officer David Cole said.

“It’s vital to prepare systematically for the future and make societies more resilient.”

About 27% of respondents think their government’s disaster preparedness is “bad” or “very bad”.

The survey, held by Gallup for Swiss Re’s 150-year anniversary, questioned 22,000 people across 19 markets in April and May.

It measures consumer perceptions of risk linked to issues such as climate change, natural disasters, energy and food supplies.

Many respondents want political leaders to step up mitigation against natural disasters and to promote energy efficiency.

About 58% think climate change will contribute to future natural disasters “to a great extent” or “to some extent” and 26% “to a small extent”. Some 75% will use renewable energy if it is made available and 91% want governments to better promote energy efficiency. However, 48% cannot afford to pay more for energy.

“These findings show that individuals are willing to take as much responsibility as their leaders,” Mr Cole said.

One encouraging outcome is the broad agreement on risks and solutions between young and old respondents, he says.