THABISO RULASHE: Climate change ushers in a new era of risk and insurance
Over the last couple of years we have seen an increase in the frequency and intensity of climate-related disasters. These have accelerated at a rapid pace, creating a physical and socioeconomic divide in terms of risk exposure and protection. More recently we have all witnessed with shock the devastation inflicted by the Los Angeles fires.
The LA wildfires are estimated to have destroyed or damaged more of than 12,000 structures and the cost in claims is expected to exceed $100bn (R1.84-trillion). At a global level, insurance premiums for physical risks and natural catastrophe protection are set to increase by 50% by 2030, reaching $200bn (R3.68-trillion) to $250bn (R4.60-trillion)...
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