Insurance
Background
Climate change is transforming the insurance industry, specifically as it relates to property insurance and reinsurance. Insurance costs have risen as much as 20-fold since the 1970s in annual global insurance disaster claims. More specifically, water, wind and wildfire claims continue to increase.
Recommendation
We must better align insurance pricing with new risks, consider price discounts for customers who demonstrate adaptive behaviour, promote adaptation and behavioural changes and ensure that current building codes reflect anticipated climate conditions.