Climate change

The convergence of more frequent weather events that affect more people plus higher customer expectations make now a great time to get ready to communicate with the masses.

Both commercial and homeowner insureds may have to turn to parametric insurance to cover losses as carriers leave markets and force states to cover the burden.

Blazes raged through more than 2,000 acres of wildland in recent months in his county deep in the woods of Oregon, where a wet climate once made forest fires unthinkable. That's an increasingly common scene around the world — from Canada to Greece, global warming has helped fuel larger and more destructive blazes, pushing firefighting services to the brink.

(Bloomberg) --California's insurance commissioner announced a new regulatory plan backed by the industry that would allow insurers to factor future climate risks into their pricing and require them to offer more coverage in fire-prone areas.

Climate change presents uncertainty for insurance companies but also creates opportunities for technological innovation

First Street estimates that 39 million U.S. homes are insured at artificially suppressed prices compared with the risk they actually face. Of those, nearly 6.8 million homes are covered by state-backed "insurer of last resort" policies.

The lawsuit requests the creation of an abatement fund to finance climate mitigation efforts, an injunction to protect California's natural resources, damages and penalties.

Reeling from four hurricanes in 2020 and 2021 that caused $23 billion in damage, the state is undergoing an insurance calamity that is harming its economy and even reducing its population.

This year, in the spirit of innovation, Accenture used generative artificial intelligence to help distill and uncover trends, feeding submissions securely into its gen AI model.

The gap highlights the problem of under-insurance in a state that's the nation's fastest growing and also one of the most vulnerable to impacts of climate change, and where the insurance industry is already under strain.