Catastrophic losses from extreme weather events are on the rise across the world, severely testing the capital reserves and claims-paying capability of many insurers.  The total damage and economic loss from the Los Angeles fires alone is now estimated to be between $250 billion and $275 billion.  Of this, insurers are expected to see at least $30 billion in reported losses and at least another $10 billion for uninsured losses.  As the effects of global climate change become more pronounced, the frequency and intensity of extreme weather events are increasing, posing significant challenges to the insurance industry and creating an urgent need for sustainable development.  Such catastrophic weather events are increasingly becoming an existential crisis for property owners and insurers.

Peng, Lianshu, Yida Wang, and Zhensheng Pan. "A Modeling Study of Insurance and Real Estate Risk Assessment in the Context of Global Climate Change". Beijing University of Posts and Telecommunications. 2024. https://drpress.org/...

Posted on 15/01/25

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