(Reuters) – Reinsurers should take into account the fact that climate change has boosted natural catastrophes when they price weather disaster insurance, insurer Munich Re said.
Climate-driven disasters accounted for $510 billion of insured losses in North America between 1980 and 2011, the highest amount anywhere for claims against natural catastrophes, the world's biggest reinsurer said in a study on Wednesday.
The reinsurance industry, which takes on some of the risks underwritten by insurers, faced its second-costliest natural catastrophe year on record in 2011 after a spate of disasters generated a claims bill of $116 billion.
Munich Re said reinsurers should prepare to face more weather-disaster claims in the future and seek to mitigate the losses the industry is experiencing.
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