Climate change is hurting the insurance industry and only 8% of insurers are preparing adequately for its impact, consultants Capgemini and financial industry body Efma said in a report on Tuesday.
Insured losses from natural catastrophes have increased 250% in the last 30 years, with perils such as wildfires and storms, seen as particularly impacted by climate change, causing an even faster rise in insured losses, the report said.
Germany and other parts of Europe were hit by flooding in July 2021, while heavy rains deluged Australia's east coast earlier this year.
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