One of the world鈥檚 largest insurers says Canadians will be more than a $100 billion poorer by 2050 if the world doesn鈥檛 work harder to fight climate change.

Swiss Re, a multinational corporation that insures insurance companies, says that鈥檚 much higher than the cost of the COVID-19 pandemic.

Chief economist Jerome Haegeli says the world鈥檚 current path puts Canada on track to lose seven per cent of its gross domestic product.

He says reducing the amount of global warming could cut those costs almost in half.

Haegeli says Canada鈥檚 northern latitude and well-developed infrastructure makes it one of the countries best placed to adapt to climate change.

The company鈥檚 report comes on Earth Day and the opening of the climate summit organized by U.S. President Joe Biden.

Prime Minister Justin Trudeau has announced Canada is increasing its goal on cutting greenhouse gas emissions to at least 40 per cent by 2050, up from 36 per cent.

The Canadian Press