The increase in the frequency and ferocity of natural disasters, driven by climate change, is significantly impacting the insurance market, resulting in soaring premiums and diminished coverage.
Attribution science reveals that climate change is influencing over 70 percent of recent extreme weather events, making them more likely and severe, which increases the financial strain on insurance.
Insurance companies are battling profitability as they face rising payouts due to heightened natural disasters, which are increasingly frequent and devastating because of climate change.
The financial impacts of climate change are manifesting through the insurance sector, where not only are costs rising, but finding coverage has also become a daunting challenge.
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