- Climate Change
- About us
The insurance and reinsurance industries are hugely affected by weather. The need for a fuller understanding of past and future extreme weather impacts is critical for your business.
Under our changing climate, extreme weather impacts are expected to become more frequent and severe. Many insurance industry experts predict this will have significant impacts on subsidence, fire, flood, windstorm and hurricane risks and warn that catastrophe pricing needs review.
According to the Post magazine the cost to insurers of the UK flooding in 2007 was estimated as £3–5 billion.
“Climate change has implications for virtually all aspects and lines of the insurance industry, the Chartered Insurance Institute has warned.”
“Severe weather incidents have impacted the industry globally and will continue to influence premiums in 2009/10 and beyond ”
Post magazine 26 Feb 2009
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