{"id":137719,"date":"2024-12-10T09:20:06","date_gmt":"2024-12-10T07:20:06","guid":{"rendered":"https:\/\/tietopankki.crnet.fi\/fi\/news\/climate-changes-more-than-e550-billion-price-tag-is-pushing-up-insurance-costs-report-says\/"},"modified":"2024-12-10T09:20:06","modified_gmt":"2024-12-10T07:20:06","slug":"climate-changes-more-than-e550-billion-price-tag-is-pushing-up-insurance-costs-report-says","status":"publish","type":"post","link":"https:\/\/tietopankki.crnet.fi\/en\/news\/climate-changes-more-than-e550-billion-price-tag-is-pushing-up-insurance-costs-report-says\/","title":{"rendered":"Climate change\u2019s more than \u20ac550 billion price tag is pushing up insurance costs, report says"},"content":{"rendered":"<div class=\"mp_wrapper\">\n  <div class=\"mepr-unauthorized-message\">\n    <p>You are unauthorized to view this page.<\/p>\n  <\/div>\n  <div class=\"mepr-login-form-wrap\">\n            \n<div class=\"mp_wrapper mp_login_form\">\n                  <!-- mp-login-form-start -->     <form name=\"mepr_loginform\" id=\"mepr_loginform\" class=\"mepr-form\" action=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/\" method=\"post\" data-trp-original-action=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/\">\n            <div class=\"mp-form-row mepr_username\">\n        <div class=\"mp-form-label\">\n                              <label for=\"user_login\">Username<\/label>\n        <\/div>\n        <input type=\"text\" name=\"log\" id=\"user_login\" value=\"\" \/>\n      <\/div>\n      <div class=\"mp-form-row mepr_password\">\n        <div class=\"mp-form-label\">\n          <label for=\"user_pass\">Password<\/label>\n          <div class=\"mp-hide-pw\">\n            <input type=\"password\" name=\"pwd\" id=\"user_pass\" value=\"\" \/>\n            <button type=\"button\" class=\"button mp-hide-pw hide-if-no-js\" data-toggle=\"0\" aria-label=\"Show password\">\n              <span class=\"dashicons dashicons-visibility\" aria-hidden=\"true\"><\/span>\n            <\/button>\n          <\/div>\n        <\/div>\n      <\/div>\n            <div>\n        <label><input name=\"rememberme\" type=\"checkbox\" id=\"rememberme\" value=\"forever\" \/> Remember Me<\/label>\n      <\/div>\n      <div class=\"mp-spacer\">&nbsp;<\/div>\n      <div class=\"submit\">\n        <input type=\"submit\" name=\"wp-submit\" id=\"wp-submit\" class=\"button-primary mepr-share-button\" value=\"Log In\" \/>\n        <input type=\"hidden\" name=\"redirect_to\" value=\"\/en\/wp-json\/wp\/v2\/posts\/137719\" \/>\n        <input type=\"hidden\" name=\"mepr_process_login_form\" value=\"true\" \/>\n        <input type=\"hidden\" name=\"mepr_is_login_page\" value=\"false\" \/>\n      <\/div>\n    <input type=\"hidden\" name=\"trp-form-language\" value=\"en\"\/><\/form>\n    <div class=\"mp-spacer\">&nbsp;<\/div>\n    <div class=\"mepr-login-actions\">\n        <a\n          href=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/?action=forgot_password\"\n          title=\"Click here to reset your password\"\n        >\n          Forgot Password        <\/a>\n    <\/div>\n\n      \n    <!-- mp-login-form-end --> \n  <\/div>\n      <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<div class=\"smart_content_wrapper\">\nAn annual scorecard for insurance companies has found they are \u2018fundamentally misunderstanding\u2019 climate risks.Climate change has been behind over a third of all weather-related insurance losses over the last 20 years, a new report from the campaign group Insure Our Future has found.<\/p>\n<p>In total, that is an estimated $600 billion (\u20ac567 billion) in losses from climate change &#8211; an immense price tag insurance providers have been passing on to policyholders. Few regions have been spared in 2024. The UK, for example, saw $190 million (\u20ac180 million) in insured losses from Storm Henk\u2019s extreme rainfall. This rainfall is estimated to have been made four times more likely by climate change.<\/p>\n<p>Europe saw its second-highest insured losses from flooding ever this year, according to Swiss Re Institute&#8217;s estimates. Estimated losses from natural disasters are expected to exceed $135 billion (\u20ac128 billion) in 2024 alone. Insure Our Future\u2019s annual scorecard for insurance companies warns that urgent action is needed to tackle escalating climate risks that could leave vulnerable communities completely unprotected.<\/p>\n<p>Over the last decade, losses attributed to climate change have risen from 31 per cent of all weather-related losses to 38 per cent. This growth in the share of overall weather losses shows decarbonisation is crucial to tackle soaring insurance costs, the report says.<\/p>\n<p>\u201cInsurers are fundamentally misunderstanding climate risk by failing to recognise how greenhouse gas emissions have driven up losses throughout this century,\u201d said Professor Ilan Noy, climate attribution economist at Te Herenga Waka &#8211; Victoria University of Wellington and author of the largest peer-reviewed study on how much climate change contributes to weather extremes. \u201cUnless we cut emissions sharply this decade, climate damages will grow exponentially and could overwhelm both insurers and economies.\u201d<\/p>\n<p>Insurance is also being pushed out of reach for many vulnerable communities, as companies manage rising costs by increasing premiums or even withdrawing coverage completely from high-risk areas. \u201cInsurers are taking advantage of an unstable climate to generate record profits, to the detriment of their customers and the benefit of their shareholders,\u201d says Ariel Le Bourdonnec, insurance and reinsurance campaigner with Reclaim Finance, which carried out research for the report. \u201cIndeed some appear to be gaming the system, refusing to provide cover against growing climate risks, while fuelling the problem by insuring fossil fuel expansion.\u201d<\/p>\n<p>Continued fossil fuel expansion, which causes emissions to grow further, relies on essential insurance coverage. Underwriting fossil fuels, however, is becoming economically dubious for insurance firms. The report\u2019s analysis of 28 top global property and casualty insurers found that their estimated share of climate-attributed losses at $10.6 billion (\u20ac10 billion) rivalled the $11.3 billion (\u20ac10.7 billion) in direct premiums they underwrote for commercial fossil fuel clients in 2023.<\/p>\n<p><a rel=\"noopener\" href=\"https:\/\/www.euronews.com\/green\/2024\/12\/10\/climate-changes-more-than-550-billion-price-tag-is-pushing-up-insurance-costs-report-says\">Read more&gt;&gt;<\/a><\/p>\n<p>Source: <a rel=\"noopener\" href=\"https:\/\/www.euronews.com\/green\/2024\/12\/10\/climate-changes-more-than-550-billion-price-tag-is-pushing-up-insurance-costs-report-says\">Euronews Green<\/a><\/p>\n<\/div>\n<p>The post <a rel=\"noopener\" href=\"https:\/\/vastuullisuusuutiset.fi\/fi\/vau-viikkokatsaus\/climate-changes-more-than-e550-billion-price-tag-is-pushing-up-insurance-costs-report-says\/\">Climate change\u2019s more than \u20ac550 billion price tag is pushing up insurance costs, report says<\/a> appeared first on <a rel=\"noopener\" href=\"https:\/\/vastuullisuusuutiset.fi\/fi\">Vastuullisuusuutiset.fi<\/a>.<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22],"tags":[462,2124,1174,606,607,608],"class_list":["post-137719","post","type-post","status-publish","format-standard","hentry","category-news","tag-climate-change","tag-price","tag-recap-en","tag-vau_viikkokatsaus","tag-vauen","tag-vaufien"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts\/137719","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/comments?post=137719"}],"version-history":[{"count":0,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts\/137719\/revisions"}],"wp:attachment":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/media?parent=137719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/categories?post=137719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/tags?post=137719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}