Risks of climate change - the perspective of the (re-)insurance industry

Over the last few decades, the international insurance industry has been confronted with a drastic increase in the scope and frequency of major natural disasters. This trend besides the continuing steady growth of the world population and the increasing concentration of people and economic values in urban areas is also attributable to climate change. Global warming intensifies many atmospheric extremes. In addition to its prior problems involving pricing, capacity and loss reserves, the insurance industry must now focus more attention on the assessment of insured liabilities, preventive planning and climate protection strategies.