Business Daily
Insuring the uninsurable
Mar 3, 2025
Explore the devastating impact of natural disasters on businesses, from California to Fiji and the UK. Hear personal stories of struggle with rising insurance premiums and companies denying coverage. Discover innovative solutions like parametric insurance, which promises quicker payouts based on specific conditions. The podcast highlights the urgent need for new approaches, especially in regions plagued by flooding, and discusses the potential of Islamic insurance to improve coverage in vulnerable communities.
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Quick takeaways
- Natural disasters are increasingly threatening communities due to climate change, prompting a crisis in the insurance industry with soaring costs and declining coverage.
- Parametric insurance offers immediate financial relief to vulnerable communities affected by natural disasters, bypassing traditional damage assessments for quicker assistance.
Deep dives
The Impact of Climate Change on Natural Disasters
Natural disasters are becoming more frequent and severe due to climate change, resulting in a growing crisis for the insurance industry. The costs associated with natural disasters have surpassed $100 billion annually for the past five years, with projections for 2024 reaching as high as $135 billion. Events like floods, wildfires, and severe storms are intensifying and are now responsible for significant insured losses not seen in previous years. Experts emphasize that climate change is not only exacerbating traditional risks but also introducing new dangers that threaten communities and their properties.
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