Climate change could force premiums up 100% in 10 years
The effects of climate change could force insurance premium rates 100% higher in the space of a decade, according to the Association of British Insurers (ABI).
Speaking at the Copenhagen Congress on Climate Change, ABI policy adviser Swenja Surminski said insured losses from severe weather activity are set to soar due to the increased frequency of storms and inland and coastal flooding.
She says customers in vulnerable areas could see the cost of cover double during the next decade.
Much will depend on the success of data improvement, adaptation, good governance and private partnerships with government.
“Insurers are committed to continue with the provision of cover as long as government is delivering on risk information and risk management,” Ms Surminski said.
The ABI wants governments to strengthen building requirements and planning systems.
Speaking at the Copenhagen Congress on Climate Change, ABI policy adviser Swenja Surminski said insured losses from severe weather activity are set to soar due to the increased frequency of storms and inland and coastal flooding.
She says customers in vulnerable areas could see the cost of cover double during the next decade.
Much will depend on the success of data improvement, adaptation, good governance and private partnerships with government.
“Insurers are committed to continue with the provision of cover as long as government is delivering on risk information and risk management,” Ms Surminski said.
The ABI wants governments to strengthen building requirements and planning systems.