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The owner of this home in Iowa, a state once considered low-risk, was dropped by his insurance company last year. ; These houses and thousands more also lost their coverage as some insurance companies pulled out of Iowa altogether. ; As climate change produces more extreme weather, insurers are losing money, even in states with low hurricane and wildfire danger.
climate change data to the insurance industry. The goal is to help insurers understand how often and how severe floods, fires, heat waves and other climate-driven disasters will be in the...
After the hottest year on record and increasingly extreme weather events, health insurers are battling to figure out how climate change is going to affect their business. The companies are building new models to reassess premiums, estimate risk and meet incoming climate reporting standards as coverage costs rise in a warming world. “Part of the challenge we see with climate is historically we take a backward view to write these [insurance] models,” said Brian Kernohan, chief sustainability officer, private markets, at Manulife Investment Ma ...
Leigh C. knew that the homeowners insurance on her home in Black Forest, Colorado, an area just northeast of Colorado Springs, would be renewing soon. But when she opened her new bill, she thought she had misread the number. “I called them to see if that was a mistake,” she told CNBC Select. While climate change isn’t solely responsible for rising homeowners insurance premiums (higher construction costs and other factors also play a role), it’s a major contributor — mainly because of t ...
Insurance executives must understand the factors that will contribute to this change and how AI will reshape claims, distribution, and underwriting and pricing. With this understanding...
Your insurance is flexible, so you can apply to increase, reduce or cancel your cover if your circumstances change. Find out how easy it is.
While updates to mortality assumptions may take time, experts say life insurance applications have been quicker to change, depending on state regulations. Consumer advocate Brendan...
The Global Insurance Market Index is our proprietary measure of global commercial insurance rate change at renewal - providing insights on the world's major insurance markets.