The insurance sector could benefit from greater numbers of people looking for protection due to climate change, but the likelihood of extreme weather events and a water shortage could also mean more claims. A study by CoreLogic found almost seven million homes along the Atlantic and Gulf coasts of the US are at risk from hurricane damage, with reconstruction costs estimated at more than $1.5tn. In addition, the National Flood Insurance Program has said the number of properties reporting a third loss has risen by 67%, with the programme now nearly $25bn in the red.
The insurance sector could benefit from greater numbers of people looking for protection due to climate change, but the likelihood of extreme weather events and a water shortage could also mean more claims. A study by CoreLogic found almost seven million homes along the Atlantic and Gulf coasts of the US are at risk from hurricane damage, with reconstruction costs estimated at more than $1.5tn. In addition, the National Flood Insurance Program has said the number of properties reporting a second loss has risen by 67%, with the programme now nearly $25bn in the red.