S&P Global Market Intelligence Has Released a Report Exploring How Climate Change and Extreme weather are Reshaping the Insurance Industry

PR Newswire11-20 22:00

NEW YORK, Nov. 20, 2024 /PRNewswire/ -- S&P Global Market Intelligence has released a report today showing how evolving natural catastrophe risks due to climate change are forcing insurers to ...

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The newly published Evolving Natural Catastrophe Risks report is part of S&P Global Market Intelligence's Big Picture 2025 Outlook Report Series.In this new report, S&P Global Market Intelligence's climate, insurance and industry experts highlight how secondary perils like floods, fires and severe convective storms — as distinct from the insurance industry's peak perils of tropical cyclones and earthquakes — are now making up a larger portion of catastrophe losses in recent years.Insurers and reinsurers are used to picking up the tab for natural catastrophes, but the increasing frequency and severity of mid-sized events and hurricanes hitting previously unaffected areas has led to an overhaul of the industry's approach to those","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU1989763005.USD":"东方汇理教育基金A2 Acc","BK4534":"瑞士信贷持仓","BK4585":"ETF&股票定投概念","LU2764263039.SGD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (SGDHDG) ACC","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU1989773731.SGD":"CPR Invest - Education A2 Acc SGD-H","LU0342679015.USD":"ALLIANZ GLOBAL EQUITY UNCONSTRAINED \"AT\" (USD) ACC","BK4566":"资本集团","SG9999001077.SGD":"United International Growth Fund SGD","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU2210150020.SGD":"Natixis Thematics Subscription Economy R/A SGD","LU2720916845.USD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (USD) ACC","BK4588":"碎股","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU0345774631.USD":"NINETY ONE GSF AMERICAN FRANCHISE \"A\" (USD) INC","LU1633808545.USD":"ALLIANZ GLOBAL EQUITY GROWTH \"AT\" (USD) ACC","SPGI":"标普全球","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","LU0097036916.USD":"贝莱德美国增长A2 USD","GRO":"Brazil Potash Corp.","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","BK4581":"高盛持仓","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","LU2764262908.HKD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (HKD) ACC","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","BK4548":"巴美列捷福持仓","BK4112":"金融交易所和数据","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU0345774391.USD":"NINETY ONE GSF AMERICAN FRANCHISE \"A\" (USD) ACC"},"translate_title":"标普全球市场情报发布报告，探讨气候变化和极端天气如何重塑保险业","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SPGI":1,"GRO":1},"content_text":"NEW YORK, Nov. 20, 2024 /PRNewswire/ -- S&P Global Market Intelligence has released a report today showing how evolving natural catastrophe risks due to climate change are forcing insurers to reevaluate their relationships with each other and the world at large. The newly published Evolving Natural Catastrophe Risks report is part of S&P Global Market Intelligence's Big Picture 2025 Outlook Report Series.  \n\n  \n\nIn this new report, S&P Global Market Intelligence's climate, insurance and industry experts highlight how secondary perils like floods, fires and severe convective storms — as distinct from the insurance industry's peak perils of tropical cyclones and earthquakes — are now making up a larger portion of catastrophe losses in recent years. Insurers and reinsurers are used to picking up the tab for natural catastrophes, but the increasing frequency and severity of mid-sized events and hurricanes hitting previously unaffected areas has led to an overhaul of the industry's approach to those payouts. \n\"The insurance industry has often acted as an early warning system for individuals and industries looking to understand and mitigate future risk. With climate change expected to increase the severity and frequency of natural catastrophes, understanding this altered risk environment is paramount. Insurers have been beating the drum on a variety of climate change risks for many years so their current focus on extreme weather should be a cross-industry concern,\" said Raymond Barrett, lead author of the report at S&P Global Market Intelligence.\nKey highlights from the report include:\n\nSecondary perils such as floods and fires played a large role in the global reinsurance industry failing to earn its cost of capital for five of the six years between 2017 and 2022. The knock-on effect of this new reality has insurers paying more for cover to the reinsurance industry and retaining more risk on their own books.\nOne striking example of how the risk landscape has changed is the damage wrought by Hurricane Helene in North Carolina. Hurricanes generally cause the most destruction in coastal regions but in this case the Appalachian Mountains saw some of the most severe devastation from the storm. However, a significant portion of the economic losses caused by Helene are not insured, as flooding falls outside the terms and conditions of most insurance policies in the U.S.\nIt has been a costly 2024 so far for European-focused insurers after two large floods hit the central and eastern parts of the continent. S&P Global Sustainable1 data shows that the northernmost part of Germany will be particularly susceptible to increased pluvial flooding in the 2050s.\nThese findings highlight the necessity for robust infrastructure design and prioritizing flood-resistant construction. As drought, water stress and localized flooding risks intensify, strategic planning and proactive risk management will be vital to safeguard against evolving climate challenges.\n\nTo request a copy of the Evolving Natural Catastrophe Risks report please contact press.mi@spglobal.com\nS&P Global Market Intelligence's opinions, quotes, and credit-related and other analyses are statements of opinion as of the date they are expressed and not statements of fact or recommendation to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security.\nAbout S&P Global Market Intelligence \nAt S&P Global Market Intelligence, we understand the importance of accurate, deep and insightful information. Our team of experts delivers unrivaled insights and leading data and technology solutions, partnering with customers to expand their perspective, operate with confidence, and make decisions with conviction.\nS&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world's leading organizations navigate the economic landscape so they can plan for tomorrow, today. For more information, visit www.spglobal.com/marketintelligence.\nMedia Contact  Sabrina Mayeen S&P Global Market Intelligence +44 207-176-0495sabrina.mayeen@spglobal.com or press.mi@spglobal.com\n View original content to download multimedia:https://www.prnewswire.com/news-releases/sp-global-market-intelligence-has-released-a-report-exploring-how-climate-change-and-extreme-weather-are-reshaping-the-insurance-industry-302311391.html\nSOURCE S&P Global Market Intelligence","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2484114152"}