Insurance companies face a climate reckoning

Climate Economy

Insurance companies face a climate reckoning

Late to face climate change, insurers struggle to change old risk models. Given the wildfires, hurricanes, heatwaves, record droughts and chronic flooding around the globe these days, you might think that insurance companies would be clamoring for climate action. After all, insurers have paid out untold billions in damage claims from recent extreme weather events. And there’s no denying that in the last decade, once-in-a-lifetime catastrophes have become commonplace. In effect, climate change has upended the insurance industry’s approach to risk. It would be fair to argue that their entire…

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