Nature Conservancy purchases an insurance policy to cover Hawaii’s coral reefs

Insurance policy - Coral Reef with fish
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The nonprofit is the first organization to obtain coverage for the coral’s repair following coastal storms. Coastal storms in Hawaii have been damaging already threatened coral reefs and the Nature Conservancy nonprofit has now purchased an insurance policy to repair that damage. State officials cannot afford to implement the repairs that the coverage will pay the nonprofit to do. This first-of-its-kind insurance policy approach to climate change is an effort to obtain the necessary funding to help the coral reefs in Hawaii to keep up with the worsening storms. This…

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Colorado homeowners’ insurance rate hikes could push residents out of the state

Colorado Homeowners Insurance - Colorado Sign

Some property owners wonder how they will afford the impact of climate change and inflation on premiums. Colorado homeowners insurance rates have been heading rapidly higher due to the impact of climate change and inflation, among others, causing some residents to wonder if they will be able to afford to remain within the state. Many households in the state have watched their premiums climbing in the double digits. As the cost of inflation also impacts the price of other essentials, such as food, energy, fuel, and labor shortages affect child…

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State Farm boosts insurance agent training and catastrophe research

Insurance agent - Training

Climate change is changing the nature of natural disasters and the insurer aims to keep ahead of it. As climate change changes the nature of storm damage, and as technology continues to progress, State Farm has invested into advanced catastrophe research and insurance agent training. The insurer wants to make sure its tech and teams are prepared for current and upcoming trends. State Farm is using the additional insurance agent training and catastrophe research to help keep ahead of the impact of climate change for more rapid claim handling, quicker…

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Impact of climate change to make insurance prohibitively expensive, says Munich Re

Impact of Climate Change - Damage House

The largest reinsurance company in the world has cautioned that most people won’t afford coverage soon. For several years, insurance companies have been warning that the impact of climate change will be an expensive one. Munich Re, the largest reinsurance company in the world, is now warning that global warming will make insurance too expensive for most people. The reinsurer has already blamed climate change for $24 billion in California wildfire losses. Munich Re chief climatologist, Ernst Rauch, explained in a recent Guardian report that it won’t be long before…

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Insurance industry calculations required to change due to climate change impact

Insurance industry calculations - Global Warming

Insurers have become the front line of the unpredictability linked with the Earth’s rapid warming. Insurance industry calculations are being forced to change as a result of the impact of climate change on the risks facing multiple sectors. Due to the nature of the business, insurance companies are among the first to face these issues. Measurably increasing rates of natural disasters are raising the number of claims and the size of those insurance claims to property, business, and auto insurers. Storms such as hurricanes and tornadoes, as well as droughts…

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Swiss Re insurance stops covering coal-dependent companies

Swiss Re insurance - Coal Station

The massive insurer is a part of a growing movement finding that fossil fuels are becoming a liability. The Swiss Re insurance giant has implemented a new policy against covering firms highly reliant on coal. As the world works to eliminate coal power, firms are finding that the move is as good for their bottom line as it is for the environment. The insurance industry is starting to see many fossil fuels as a type of reliance too risky to cover. The new Swiss Re insurance coverage policy will refuse…

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California home insurance is harder to get with each new climate-related disaster

California home insurance - Home in California

Insurers take wildfires, high tide flooding and other issues into consideration before selling a policy. California home insurance is becoming increasingly challenging to find for many homeowners affected by climate-related disasters. Insurers are using climate science to estimate the risk associated with a property when it comes to a number of different perils. Insurers are no longer assuming that homes that were once in low-risk areas continue to be so. The last few years have shown that homes never affected by climate-related disasters are not immune to those events. High…

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