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Climate Is Forcing the Most Risk-Aware Industry to Reinvent Itself
The insurance industry provides many homeowners and businesses a financial safety net. Climate impacts are creating holes in it.
A flooded trailer park following Hurricane Ian in Fort Myers, Florida, US, on Thursday, Sept. 29, 2022.
Photographer: Eva Marie Uzcategui/BloombergThis article is for subscribers only.
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When it comes to climate impacts, the frontline of the finance industry is insurance. Last year’s payout from damages caused by extreme-weather events totaled $120 billion—about the same as the economic output of Kenya. And that’s a 50% increase over the previous decade’s average.