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2014

Adam Liska Papers

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Climate Change And Its Implications For The Insurance Industry, Adam Liska, Eric Holley Sep 2014

Climate Change And Its Implications For The Insurance Industry, Adam Liska, Eric Holley

Adam Liska Papers

Climate change will lead to a probable increase in the occurrence of weather-related disaster events. These events could lead to declining revenue in the insurance industry, the world’s largest economic sector, with revenue of $4.6 trillion per year, or 7% of the global economy (Mills, 2012). Climatic events have accounted for 72% of global insurance claims and insured losses from 1980 to 2012, totaling $0.97 trillion (Munich Re, 2013). Estimated losses are ~0.5% of global Gross Domestic Product (GDP) and losses are increasing at ~6% a year in real terms (Lomborg, 2010). The United Nations Framework ...