The reinsurance market is being forced to re - evaluate risk models because of heavy losses from natural catastrophes , climate - change risk and long - term losses from events such as Hurricane Michael , which hit Florida in October 2018 causing losses more than 45 % higher than initial estimates . Meanwhile , losses from Californian wildfires in 2017 and 2018 reached more than that of any previous decade . Today, the (re)insurance sector operates in a rapidly changing and uncertain world. The unpredictability of climate change could affect whether extreme weather events can still be insured .
The reinsurance market is being forced to re - evaluate risk models because of heavy losses from natural catastrophes , climate - change risk and long - term losses from events such as Hurricane Michael , which hit Florida in October 2018 causing losses more than 45 % higher than initial estimates . Meanwhile , losses from Californian wildfires in 2017 and 2018 reached more than that of any previous decade . The unpredictability of climate change could affect whether extreme weather events can still be insured .