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Climate chaos batters global insurance industry

(Climate News Network, 11 Jan 2021) The climate crisis is exacting a rising price from the worldwide insurance industry, a relief and development agency says.

The economic cost of the climate crisis keeps on rising, as the world’s insurance industry is now acutely aware. As the world digests the news that 2020 was the joint hottest year on record, two reports attempt to assess how many billions of dollars are being lost as a result of an ever-warming planet.

Christian Aid, the UK and Ireland-based charity, lists what it considers to be the 15 most serious climate-related disasters in 2020, and seeks to quantify them in financial terms.

“Covid-19 may have dominated the news agenda in 2020, but for many people the ongoing climate crisis compounded that into an even bigger danger to their lives and livelihoods”, says Christian Aid.

Six of the ten most costly disasters happened in Asia, many of them associated with an unusually prolonged and wet monsoon season. The charity estimates that floods in China cost US$32 billion, while extended rains in India cost US$10bn. Cyclone Amphan, which in May hit the Bay of Bengal region – one of the world’s most densely populated areas – caused losses valued at US$13bn.

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Climate News Network, 11 Jan 2021: Climate chaos batters global insurance industry