The sweeping impacts of climate change impact farmers at significant rates. As a result, insurance companies take a hit as well. For example, when nearly 20 million acres of farmland flooded in the American West, it initiated $4 billion in payouts from a federal crop insurance program. Because of disasters like this, farmers are coming around on the importance of mitigating the impacts of climate change to protect their own livelihoods. Insurance companies can help farmers make beneficial sustainability choices by helping those in the agriculture industry understand their impact…
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How Climate Change Affects the Housing Market
One look at the housing market these days will tell you almost all you need to know about it. Prices are on the rise, interest rates are low, and although hundreds of thousands of people are looking for homes to buy, it’s a seller’s market and pickings are slim. There are plenty of factors that can contribute to this trend from natural economic swings to the COVID-19 pandemic rush to get out of the cities. Something that many people don’t necessarily consider as a factor that impacts the housing market…
Read MoreSecondary catastrophic perils on the rise from climate change, says Swiss Re
Global economic losses from disasters (natural and human-caused) last year reached $146 billion. Secondary catastrophic perils are rising in a measurable way as a result of climate change, said a recent Swiss Re Institute sigma. The sigma was titled “Natural catastrophes in times of economic accumulation and climate change”. Severe weather events were the primary driver of losses overall last year, as was the case in years prior. Last year, worldwide economic losses from disasters broke the $146 billion mark. This represented a fall from 2018’s $176 billion. The ten-year…
Read MoreHow Climate Impacts Your Property Insurance Costs
There are plenty of factors that can impact your property insurance costs, from your location and the size of the home to the contents, but one thing that homeowners may not be prepared for is how climate is now affecting their premiums. A recent report released shows Canada is warming up at twice the rate of the rest of the world; this has left insurance providers feeling uneasy. That uneasiness is most likely going to translate to a rise in premium rates. So how exactly does climate impact your property…
Read MoreImpact of climate change to make insurance prohibitively expensive, says Munich Re
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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