doron levy

A Changing Environmental Landscape Impacts the Insurance Industry

The phrase climate change simply refers to the changes in climate factors such as temperature and precipitation but over the last decade, the phrase has become much more polarizing, politicized and divisive. Non-scientific arguments aside, extreme weather events and natural disasters are increasing in number and severity and the effects of these events are causing more property damage in both commercial and residential spheres. Rising global temperatures can be attributed to the increase in damage causing storms and destructive wildfires. Insurance companies are seeing rising payout costs as an effect of climate change as more claims are submitted to cover losses from these events. As controversial as the phrase climate change is, insurance businesses and carriers are experiencing climate change first hand with increasing claims and losses as a direct result of weather and environmental events.