Insurers act on climate change exposure

Insurance companies, like Zurich-based Swiss Re, are dealing with climate change impacts in the form of direct claims related to volatile weather conditions, writes The Financial Times' Oliver Ralph. First it was fierce storms in northern Europe. Since then there have been wildfires in California, a drought in Australia and more storms, this time in the US and Asia. Extreme weather of one sort or another has been a regular feature of 2018. It was the same last year, when hurricanes Harvey, Irma and Maria as well as wildfires in California inflicted devastation on millions of people. Insurance companies are on the front line as they are exposed to extreme weather and the impact of climate change in a variety of ways, most obviously via direct claims related to volatile weather conditions. Half of damage not covered by insurance Whether it is paying to replace roofs torn off by high winds, repairing flood damage, or compensating farmers for the impact of drought, insurers have ...

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