Severe climate change-driven events make peril distinction irrelevant
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Analysts at U.K.-based insurance broker Howden Broking Group Ltd. said that the increasing frequency and severity of climate change-driven insured natural catastrophe events is eliminating the need for a distinction between “peak” and “non-peak”’ perils, Reinsurance News reported. With insured natural catastrophe losses of above $100 billion in 2021, climate change risk has already replaced COVID-19 as the reinsurance and insurance market’s main concern for the year.
