Insurance industry is increasingly worried about their ability to insure property

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Climate change is here. While insurance companies are taking the right steps to address the crisis, governments are lagging behind. It is time for concerted and bold action.

Let’s start with the implications of the latest science for the world’s most vulnerable people. The world is experiencing the effects of climate change now, and with the new IPCC report, Greta Kvittem writes, the growing confrontation between the developed and developing world over “loss and damage” can’t be deferred much longer. Even the most ambitious efforts at adaptation aren’t enough to ignore this moral question.

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Next, we put a real-life face on abstract science. Natasha Lasky details new research showing that climate change causes the water cycle to intensify, increasing the likelihood of drought for arid regions

In Australia, floods rather than drought are causing problems. Ashira Morris reports that 13 people have died, tens of thousands have been evacuated, and damages from the Queensland’s east coast low storm could top AUD 1 billion.

This growing volatility is not lost on the private sector. The insurance industry is increasingly worried about their ability to insure infrastructure and property in a world of rising sea levels and extreme weather. It’s also caused a reevaluation in the sector about the merits of underwriting projects that exacerbate climate change. Anna Penner brings the welcome news that major insurance companies are ending underwriting services and investment in new coal-fired power plants, thermal coal mines, oil sands, and Arctic energy exploration.

WW0 News Team

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