Press Article: Marine insurance sector faces turbulence from climate change
News & Insights 28 October 2020
Claims arising from bad weather conditions will rise in the coming years, warns Standard P&I club. The club notes that there has been a 46% rise in weather-related disasters since 2000.
Standard P&I club warns that the frequency and ferocity of the storms are increasing year on year, causing much more damage and generating very large and complex claims for marine insurers
CLAIMS due to typhoons, storms and hurricanes which are a result of global warming and climate change, are now the biggest concerns for insurers, according to Standard P&I club.
“Based on the claims analysis we did, we see a notable increase in the number of yearly claims due to heavy weather,” the club’s senior surveyor Akshat Arora said in an interview with Lloyd’s List.
Read the full interview article here.
Category: Loss Prevention