Insurers need to ‘step up’ on catastrophe coverage, says risk modelling chief
The insurance industry must resist the temptation to “give up the game” and retreat from areas blighted by extreme weather in a move that would leave governments to foot the bill for disasters, according to one of the biggest risk modelling companies.
The increasing severity and frequency of storms, fires and floods in some parts of the world has led to some disaster-prone spots being labelled “uninsurable”, forcing governments to shoulder some of the financial burden that increasingly destructive weather has brought.
This story originally appeared on: Financial Times - Author:Ian Smith
