Climate change is significantly impacting people and business. Insured natural catastrophe losses have increased by 360% within the past 30 years. It has upended traditional coverage, underwriting and investment dynamics as policyholders seek protection and peace of mind. Insurers need to position themselves to generate deeper customer trust and offer personalised solutions tailored to individual needs.
Highlights from the 2022 Capgemini and Efma World Property and Casualty report of 270 insurance executives and nearly 5000 consumers include:
• Policyholders are conscious of climate change; 84% rank it among their top concerns.
• Insurers are in tune with customers. About 40% rank climate change as a top priority with profitability and insurability emerging as leading issues.
• While most insurers acknowledge climate change impact, many have yet to develop a climate resilience strategy.
Download this report to find out more about the role of climate change and why future-focused insurers see climate change as an opportunity.