A NEW analysis of 36 countries has ranked the Philippines and the United States as the most economically exposed countries today to hazards from climate change.

Floods, tropical cyclones, winter storms and severe thunderstorms are causing an estimated economic loss of $200 billion globally every year, the research unit of reinsurer Swiss Re said in a statement on Wednesday.

The Philippines is the most exposed to these four "weather perils," Swiss Re Institute said, with annual economic losses totaling 3.0 percent of gross domestic product (GDP) or some $12 billion annually.

The country is also exposed to "high probability of hazard intensification," it added.

The United States, at 0.38 percent of GDP or $97 billion is next, followed closely by Thailand at 0.36 percent.

Tropical cyclones were said to account for 2.34 percent of losses as a percentage of GDP for the Philippines, with the remaining 0.65 percent coming from floods.

"In general, countries with sizable insurance protection gaps and where the establishment of loss mitigation and adaptation measures lags the rate of economic growth are most financially at risk from hazard intensification," the Swiss Re Institute said.

"Fast-growing Asian economies like Thailand, China, India and the Philippines are most vulnerable," it added.

Tropical cyclones are the main driver of economic losses from weather events in the US as well as in East and Southeast Asia, the Swiss Re Institute said, adding that adaptation measures are crucial to minimize the damage.

These include enforcing building codes, improved flood protection and keeping an eye on construction in hazard-prone areas.

"Ultimately, losses as a share of GDP of each country will depend on future adaptation, loss reduction and prevention," it said.