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Counting the cost of climate change disasters
November 17, 2022 - Disasters, such as wildfires and floods brought about by climate change, are an increasingly expensive risk for insurers.
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Climate change is increasing the frequency and size of natural disasters, as rising sea levels and droughts lead to more floods and wildfires.
Risk modelling firm RMS looked at the 10 most expensive events of the past decade and found they all occurred within the last five years.
The largest losses happen in richer economies, with more expensive assets, however, developing countries such as Pakistan, which suffered severe flooding this summer, often bear the brunt.
A new G7 plan called “Global Shield” has been setup to provide insurance and disaster protection funding to countries suffering climate disasters.