The nation is expected to encounter more frequent and severe torrential rains and droughts, with certain sectors being disproportionately affected, according to Swan Securities’ latest Outlook 2024.
Insurers’ financial balance sheets will suffer consequences. In the near term, the insurers’ association anticipates up to 1,000 compensation claims related to Cyclone Belal’s damage, as reported by Swan Securities. This is projected to have a detrimental impact on listed insurers in the upcoming quarter ending March 2024.
The observation made by Swan Securities indicates that the prevalence of climate change is expected to remain a significant and enduring theme in the coming years.
The recommendations made bySwan Securities emphasizes that collaboration between authorities and the private sector, as seen in several other African nations, will be essential for undertaking initiatives to alleviate the impact of worsening weather conditions. This was particularly underscored in Swan Securities’ report, especially in light of the recent flash flooding in the capital.
The excerpt suggests that local industries, including agriculture, tourism, and construction, are expected to boost their investment in initiatives aimed at adapting to climatic events, such as increasingly frequent and severe torrential rains and droughts. This insight was emphasized in a climate report released by the Bank of Mauritius.
