Tag: climate change insurance

Climate change threatens insurance industry

S.Vagus
Natural Disaster damage insurance trends

Climate change may be a significant problem that cannot be ignored Natural disasters are nothing new to the world. Countries have been battered by floods, hurricanes, earthquakes, volcanic eruptions, and other catastrophes since before they were officially countries. In the world of business, few industries are so well acquainted with natural disasters as the insurance industry. The industry, as a whole, is well versed in the monitoring of weather patterns and has been able to accurately predict the impact an effects of several natural disasters around the world. According to…

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Homeowners insurance claims in Canada primarily weather related

water damage insurance news

Board officials considering industry wide changes in that country. According to the Insurance Board of Canada, recent extreme weather events have caused damage leading to millions of dollars in auto and homeowners insurance claims this summer, alone. An industry analyst pointed out that this is a significant change in the insurance market. According to industry relations analyst Pete Karageorgos from the board, the most common homeowners insurance claims used to be related to fire and theft. He explained that “The majority of events back then were fires and theft and…

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Green insurance to help protect against increased climate change risks

Green Insurance

Global warming and climate change may cause green insurance companies to pay higher disaster claims. Climate change is leading to a larger number of natural disasters that are causing a greater amount of damage so that insurers are faced with much higher claims as well as lawsuits related to global warming, forcing these firms to protect themselves with green insurance and keeping up with alternative energy resources. It hasn’t taken insurers long to recognize the difference that climate change is making, but the steps that need to be taken in…

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United Nations report stresses the need for action on climate change

Climate change may be a controversial issue in the world of politics, but the insurance industry is betting on dramatic weather becoming a reality in the near future. The belief of the global insurance industry is shared by the United Nations. The UN’s Intergovernmental Panel on Climate Change has released a report concerning climate-related disasters, indicating that all nations will be susceptible to extreme weather. The report is aimed at politicians around the world, stressing the necessity of preparing for future disasters wrought by climate change. The United Nations claims…

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States want to know how the insurance industry will react to climate change

Nordstrom

After two years of devastating storms throughout the U.S., many states are wondering if the insurance industry is taking the proper steps to prepare for what the future may hold. Legislators and regulators in California, Washington and New York are now pressuring insurers for answers on what they are doing to adapt to climate change. This marks one of the first times state officials have clearly identified climate change as an issue, something the insurance industry has been doing for years now. Next month, numerous insurance executives, experts and regulators…

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