Insurers must “adapt or bust” when it comes to facing the changing climate’s effect on the insurance industry, says a new Lloyd’s of London report.

Last year cost the industry $83 billion in catastrophe claims, $65 billion of which resulted from hurricanes Katrina, Rita, and Wilma. The report, “Climate Change: Adapt or Bust,” suggests that insurers could face even higher claims from an increasing number of natural disasters in the near future, which would be caused by climate change.

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