{"id":4809,"date":"2019-10-07T15:32:05","date_gmt":"2019-10-07T07:32:05","guid":{"rendered":"https:\/\/www.infinitysolutions.com\/?p=4809"},"modified":"2019-10-15T13:03:43","modified_gmt":"2019-10-15T05:03:43","slug":"climate-change-affects-insurance-premium","status":"publish","type":"post","link":"https:\/\/www.infinitysolutions.com\/blog\/insurance\/climate-change-affects-insurance-premium\/","title":{"rendered":"Climate Change Affects Insurance Premiums"},"content":{"rendered":"<p>Aside from a few hard-core climate deniers, most of us have woken up in recent years to the fact that we are irreparably damaging our planet and need to do something about it fast.<\/p>\n<p>Evidence of climate change is all around us, especially here in Asia. Back in 2014 the Intergovernmental Panel on Climate Change (IPCC) issued a report warning that Asia would <a href=\"https:\/\/www.thestar.com\/news\/world\/2014\/03\/30\/asia_will_bear_brunt_of_climate_change_un_panel_report_says.html\">bear the brunt of climate change<\/a> and that prediction seems to be coming true with the region experiencing a significant increase in the number, intensity and impact of extreme weather conditions such as flood, drought, heatwave and tropical cyclones. Smog has been a major issue in both <a href=\"https:\/\/www.thedailystar.net\/world\/news\/smog-thailand-exact-heavy-price-report-1688347\">Thailand<\/a> and <a href=\"https:\/\/saigoneer.com\/saigon-news\/17471-is-saigon-s-haze-the-result-of-forest-fires-in-indonesia\">Vietnam<\/a> this year, exacerbated, if not caused, by climate change.<\/p>\n<p>The September 2018 earthquake in Indonesia caused damage estimated at $1.4billion while flooding in India in 2018 caused an estimated $2.9billion of damage according to figures from the <a href=\"https:\/\/www.adb.org\/news\/infographics\/climate-change-and-disasters-asia-and-pacific\">Asian Development Bank<\/a>. These kind of extreme weather events inevitably mean a big hit for insurance companies.<\/p>\n<p>It\u2019s not just Asia that has been hit though. Globally there has been a massive increase in extreme weather including flooding, heatwaves and winter storms.\u00a0 In the UK, for example, the <a href=\"https:\/\/www.abi.org.uk\/products-and-issues\/topics-and-issues\/climate-change\/\">Association of British Insurers (ABI)<\/a> reported that insurers paid out a whopping \u00a3194million over three months in early 2018 due to burst pipes which were the result of an extreme freeze. That\u2019s a huge figure however it is dwarfed by the estimated $10billion of insured losses due to damage caused by Hurricanes Florence and Michael in the US.<\/p>\n<p>It\u2019s no surprise that insurance execs are worried \u2013 their bottom line is being threatened. The\u00a0ABI\u2019s\u00a0director general,\u00a0Huw Evans, recently said: \u201cInsurers are on the front-line dealing with the results of rising temperatures and changing investment needs, and so understand better than most the serious implications of a changing climate.\u00a0We need a sustained and ambitious response to protect homes, businesses and communities around the world.\u201d<\/p>\n<p>The ABI is part of a global insurance industry collaboration focused on driving action on climate change risk called ClimateWise. Providing affordable protection against natural disasters is one of the thorny issues ClimateWise is wrestling with.<\/p>\n<p>For now, the cold hard fact is that as claims go up, there is really only one possible response from the industry and that is to put up premiums to counteract the increasing risk. Unfortunately, you are likely to see the cost of your home insurance rise over the coming years.<\/p>\n<p>In spite of the growing cost of insuring your home, we don\u2019t recommend that you skip insurance. Indeed, with the likelihood of your home suffering from a climatic event increasing, it is becoming more important than ever that you ensure that you have sufficient protection in place. And that means having adequate cover for major repair and rebuilding costs in the eventuality of extreme weather causing significant damage to your home as well as accurately costing up the value of the contents of your property so that in the event of it being destroyed or damaged by fire, flood or a typhoon, your sum insured fully covers everything. Under insurance is a very common problem and can mean that any payout in the event of a claim will not be sufficient to replace all that is damaged.<\/p>\n<p>Unfortunately climate change is not going away any time soon. Let\u2019s hope that with some of the world\u2019s biggest companies finally starting to put pressure on governments to act more quickly to tackle rising global temperatures, climate change solutions can be found. Until that happens, make sure that you check your insurance cover and ensure that you are adequately protected in the event that you fall victim to an extreme weather event.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Aside from a few hard-core climate deniers, most of us have woken up in recent years to the fact that we are irreparably damaging our planet and need to do something about it fast. Evidence of climate change is all around us, especially here in Asia. Back in 2014 the Intergovernmental Panel on Climate Change&hellip;<\/p>\n","protected":false},"author":2,"featured_media":4810,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false},"categories":[3,66],"tags":[],"class_list":["post-4809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance","category-viewpoint","category-3","category-66","description-off"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Climate Change Affects Insurance Premiums | Infinity Financial Solutions<\/title>\n<meta name=\"description\" content=\"Evidence of climate change is all around us. Make sure you are adequately protected in the event you fall victim to an extreme weather event.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.infinitysolutions.com\/blog\/insurance\/climate-change-affects-insurance-premium\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Climate Change Affects Insurance Premiums | Infinity Financial Solutions\" \/>\n<meta property=\"og:description\" content=\"Evidence of climate change is all around us. Make sure you are adequately protected in the event you fall victim to an extreme weather event.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.infinitysolutions.com\/blog\/insurance\/climate-change-affects-insurance-premium\/\" \/>\n<meta property=\"og:site_name\" content=\"Infinity Financial Solutions\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/infinityfinancialsolutions\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-07T07:32:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-10-15T05:03:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.infinitysolutions.com\/wp-content\/uploads\/Untitled-2-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Infinity Financial Solutions\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@investmentasia\" \/>\n<meta name=\"twitter:site\" content=\"@investmentasia\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Infinity Financial Solutions\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.infinitysolutions.com\/blog\/insurance\/climate-change-affects-insurance-premium\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.infinitysolutions.com\/blog\/insurance\/climate-change-affects-insurance-premium\/\"},\"author\":{\"name\":\"Infinity Financial Solutions\",\"@id\":\"https:\/\/www.infinitysolutions.com\/#\/schema\/person\/a2ccb82ec7b4b1e79d5d970a104927ac\"},\"headline\":\"Climate Change Affects Insurance Premiums\",\"datePublished\":\"2019-10-07T07:32:05+00:00\",\"dateModified\":\"2019-10-15T05:03:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.infinitysolutions.com\/blog\/insurance\/climate-change-affects-insurance-premium\/\"},\"wordCount\":627,\"publisher\":{\"@id\":\"https:\/\/www.infinitysolutions.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.infinitysolutions.com\/blog\/insurance\/climate-change-affects-insurance-premium\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.infinitysolutions.com\/wp-content\/uploads\/Untitled-2-1.jpg\",\"articleSection\":[\"Insurance\",\"Viewpoint\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.infinitysolutions.com\/blog\/insurance\/climate-change-affects-insurance-premium\/\",\"url\":\"https:\/\/www.infinitysolutions.com\/blog\/insurance\/climate-change-affects-insurance-premium\/\",\"name\":\"Climate Change Affects Insurance Premiums | Infinity Financial Solutions\",\"isPartOf\":{\"@id\":\"https:\/\/www.infinitysolutions.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.infinitysolutions.com\/blog\/insurance\/climate-change-affects-insurance-premium\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.infinitysolutions.com\/blog\/insurance\/climate-change-affects-insurance-premium\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.infinitysolutions.com\/wp-content\/uploads\/Untitled-2-1.jpg\",\"datePublished\":\"2019-10-07T07:32:05+00:00\",\"dateModified\":\"2019-10-15T05:03:43+00:00\",\"description\":\"Evidence of climate change is all around us. 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