Climate change’s impact on the insurance industry is already a high-profile topic as many insurers have scaled back home insurance businesses in many countries around the world, including in vulnerable states such as California and Florida in the U.S. Some insurers are also choosing not to renew coverage or have stopped selling new policies completely.
The potential effects of climate change are already forcing insurers to reevaluate their policies to reflect new weather patterns. They must develop new models not necessarily based on historical data to project and mitigate new risk levels.
Watch this video to delve deeper into this critical issue and gain a better understanding of the challenges and transformations the insurance industry faces in the wake of climate change.