Parametric insurance offers faster payouts that can be used to cover losses associated with catastrophic and seasonal weather events (such as Hurricane Ian, seen here), making it a valuable tool for businesses and economically-challenged communities to build financial climate resilience. (bilanol/Adobe Stock)
Climate change is no longer a distant threat but a tangible reality affecting communities and businesses worldwide.
The frequency of weather and climate-related disasters in the United States has increased dramatically in recent years, according to the National Oceanic and Atmospheric Association (NOAA). Between 1980 and 2022, there were 7.9 (CPI-adjusted) severe-weather events. By contrast, the past five years saw an increase of more than 100%, translating to an annual average of 17.8 major-weather events (CPI-adjusted).
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