With a 3.6X rise in insured losses and 2X in non-insured losses from adverse weather events over the past three decades, the climate-risk factor is increasingly becoming a weighty concern for insurers.
A report by Capgemini and Efma posits insurers already focusing on climate-resilience will be “better positioned to generate deeper customer trust while boosting … profitability”.
But, while 80% of individual and small commercial clients of the industry are aware of climate risks, just 8% of the insurers surveyed are meaningfully adapting their business plans in response.
