The impact of climate change on human lives is becoming increasingly palpable, reaching beyond the realms of health to seep into financial domains.
June 2023 etches a record-breaking note, with NASA confirming it as the hottest June ever recorded, while the World Meteorological Organization projects a surge to unprecedented global temperature highs within the next five years.
As meteorological upheavals grow in both frequency and intensity, a reverberation is felt in insurance rates.
A recent study reveals a stark reality: “The surging tide of climate change exacts a significant toll on the insurance sector. Natural disasters have triggered a staggering 3.6-fold increase in insured losses and a twofold surge in uninsured losses over the past three decades.”
This fiscal strain on insurers inevitably trickles down to consumers through elevated premiums, a tangible repercussion of the evolving climate landscape.
In a post-pandemic milieu, the auto insurance arena mirrors this financial strain, witnessing an abrupt uptick of nearly 16 per cent in premiums from April 2021 to June 2023, as documented in an international report.
Use the poll below to identify which insurance category affects your wallet the most:
insurance premiums
Home/peril insurance
21% (7 votes)
Health insurance
27% (9 votes)
Auto insurance
48% (16 votes)
Crop insurance
3% (1 vote)
Business property insurance
0% (0 votes)
Total votes: 33
