Global climate change will continue taxing the insurance and reinsurance industry landscape through the end of the century—especially from losses caused by sea level rise, inland flooding and drought.
“In order to adapt to climate change and the changing risk landscape, it is necessary to cut through [the] noise and focus on objective decisions to mitigate both the financial and social risks associated with climate change,” says Johnny Chan, director of the Guy Carpenter Asia-Pacific Climate Impact Centre.
According to a recent Guy Carpenter climate change report, which is based on data from the Intergovernmental Panel on Climate Change (IPCC), economic losses from climate catastrophes increased from $75.5 billion in the 1960s to $660 billion in the 1990s, with a “significant increase in the values of exposure” as populations grow and coastlines urbanize.
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