A recent Society of Actuaries survey found that climate change was the top emerging risk cited by respondents, and the most recent "Weather, Climate & Catastrophe Insight" report from Aon finds that natural disaster events resulted in economic damage of $232 billion in 2019, of which only $71 billion was covered by insurance.
The increasingly dire situation is creating tremendous opportunities for commercial property insurers.
"The effects of climate change are continuing to grab headlines; this offers insurers an opportunity to not just recognize what's happening but to positively influence how the world responds," says Charles Greer, vice president and underwriting leader of Property at QBE. "We anticipate that insurers will increasingly rely on models and analysis to help customers predict, prepare for and protect against climate-related risks."
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