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Member, Beacon International Group, Ltd.
A report by U.S.-based Moody's Investors Service Inc. said that climate change creates significant risk management challenges for property/casualty insurers and reinsurers, Business Standard reported. The report said that increases in insured property values along coastlines and the frequency of weather-related catastrophes will magnify volatility for insurers. Pricing trends could consistently lag actual loss experience, which may force the insurance industry to play "catch up" in raising premiums to match increasing losses, the report added.