Printed from BusinessInsurance.com

Climate change impacts Flood Re funding

Posted On: Mar. 31, 2016 12:00 AM CST

Fitch Ratings Ltd. said that increased frequency and severity of extreme weather events due to climate change could result in the U.K.'s government-backed reinsurance scheme Flood Re “being inadequately funded”, reported Artemis.bm.

The rating agency said that any shortfall in the capacity of Flood Re due to higher-than expected flood losses from climate change would most likely see insurers and reinsurers cover the additional costs, which in turn could result in higher annual premiums for policyholders.

Read more