Human-caused global warming has caused a third of weather-related insurance claims this century and the bill is rising fast, according to a new report.
Human-caused climate change has accounted for a third of weather-related insurance claims made this century, the bill is rising quickly, and insurers are underestimating climate risks, new research has warned.
"The impact of climate change is not just a present and future problem—it has already been driving up risks and causing major losses throughout this century," said researcher Ilan Noy of Victoria University of Wellington, New Zealand, commenting on the report. The research, Noy said, ought to make reinsurers—the firms that insure the insurance companies—update their understanding of climate risk.
"Because insurance impacts are mounting and because we don't have an insurance system built for the way that climate change is evolving, this dynamic is only going to get much worse," Laybourn said."As we're already seeing, governments are having to step in to effectively ensure that insurance can still exist in certain places."
"We need systems that are more resilient so that we can continue to remain focused on decarbonization, even as things get more unstable," he said. Oversee insurers’ management of climate risks and corresponding mitigating measures to ensure the safety and soundness of insurance undertakings and ability to provide coverage.
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