The report found that the climate crisis has resulted in over $600 billion in economic losses, a figure surpassing Sweden's GDP, highlighting its devastating financial impact.
Over the past decade, climate-related losses have risen from 31 percent to 38 percent of all weather-related losses, indicating an accelerating pace of economic loss.
Former insurance commissioner Dave Jones emphasized that "the evidence is undeniable - climate change represents an existential risk for the insurance industry," urging immediate action.
The insurance industry must embrace its power to transition to clean energy and stop underwriting fossil fuel projects, aligning with credible 1.5°C transition pathways.
#climate-crisis #insurance-industry #economic-loss #weather-related-disasters #clean-energy-transition
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