This report provides in-depth analysis into the impact of climate change around the world, as well as the effect it is having and will continue to have on the insurance industry. It identifies key players within the industry and discusses what they have done to set themselves apart. The report also analyzes investments in this theme within the insurance space in recent years.
Climate change action is now an essential part of an insurer’s overall strategy. Initially it may have been viewed as good PR, but the ever-increasing nature of severe weather events around the world highlights how important making changes is to the insurance industry. Climate change is particularly damaging for the insurance industry as it leads to more claims and can make large areas of land uninsurable. While combating climate change is the long-term goal across all industries, the immediate threat is from the increasingly severe and common weather events occurring all around the world - costing insurers billions of dollars in claims.
- The US ($58bn) is the largest insurance market for weather events, accounting for over double the GWP of second-placed Japan ($22bn) in 2020.
- Six of the top 10 most costly weather events globally in 2020 happened in the US, which emphasizes the scale of the market, as well as the risk insurers face writing personal and commercial property cover in many states across the country.
Reasons To Buy
- Benchmark yourself against the rest of the market.
- Understand how competitors are dealing with the climate crisis, and how it is impacting insurance premiums and claims around the world.
- Ensure you remain competitive by identifying key threats.