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Why the Insurance Industry Isn’t Prepared for the Costly Risks of Climate Change

Himanshu Gupta • September 7th, 2021.

It’s part of a trend: Swiss Reinsurance Company Ltd, the world’s largest reinsurer, found that 2020 was the fifth-costliest year for the industry in 40 years. Global losses amounted to $83 billion, according to the reinsurer’s report, driven by a record number of severe storms and wildfires in the U.S. The insurance industry covered 45% of global economic losses in 2020. (Other costly years included 2005’s and 2017’s record hurricane seasons and the 2011 Japanese earthquake.)

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