A combination of natural disasters and extreme weather events impacting the entire globe is likely to mean 2017 will be the most expensive on record according to 28 insurance industry organizations.
According to ClimateWise, a global network of 28 insurance industry organizations, not only is 2017 likely to be the most expensive year on record due to natural disasters and extreme weather events all over the globe, but over the past decade only 30% of catastrophic losses were insured, leaving a climate risk protection gap of $1.7 trillion.
“Our industry has been shaken by climate perils impacting urban centres and 2017 is on track to become one of the most expensive years on record,” said Maurice Tulloch, Chairman of Global General Insurance at Aviva and Chair of ClimateWise. “The climate risk protection gap presents insurers with one of our industry’s most profound challenges. The cost of extending sustainable insurance cover is now simply not affordable in many places. A proactive response is required.”