Browsing: climate change

Climate advocacy group files complaint with Ontario’s financial regulator, citing 84% increase in home insurance rates between 2014 and 2024

New data from the U.S. Treasury’s Federal Insurance Office reveals that homeowners insurance is becoming increasingly expensive and difficult to obtain for millions of Americans due to rising climate-related disasters.

Climate change and plastic pollution are creating new financial and legal risks for businesses, particularly in insurance, agriculture, and healthcare sectors

Recent extreme weather events like Cyclone Amphan and floods in Assam and Kerala have led to significant insurance losses, particularly in crop and motor insurance.

Climate change is increasingly affecting property insurance in Canada, influencing real estate development and investment decisions across the country.

Home insurance prices in Canada have risen by 25% on average, attributed to inflation and increased climate-related disasters.

Australia’s insurance industry is experiencing increasing claims and affordability issues due to rising extreme weather events, with recent disasters costing $2.2 billion in six months and projected annual losses reaching $8.7 billion by 2050.

Climate change is affecting insurance costs as extreme weather events become more frequent and severe, leading to higher premiums and reduced coverage options.

Insurance News, Business Risk Management

Insurance costs are rising sharply across the United States, with some states experiencing premium increases of over 40%. Communities are working to mitigate risks through measures like home hardening and fire-resistant materials, but insurers are not always recognizing these efforts when determining coverage.