More extreme weather on the horizon?
With Munich Re reporting this month that 2021’s haul of natural catastrophes cost the industry $120 billion, the second-most costly year on record, the link between climate change and extreme weather events is becoming ever clearer. Whilst it remains to be seen what 2022 has in store on the weather front, the frequency and severity of extreme weather events during 2021 will have the industry’s underwriters hoping the rate increases secured on policies covering the fallout from such natural disasters are sufficient to weather the inevitable storms.