Instant Insights / The Impact of Climate Change on P&C Insurance

Scientists have built consensus around the probability that more powerful floods, fires, droughts and storms will occur with higher frequency as the Earth gets hotter.


Thank you for sharing!

Your article was successfully shared with the contacts you provided.
If you are a small-business owner working from home, you should look into getting a business owner policy that covers your equipment. If you are a small-business owner, you should examine your insurance options when it comes to protecting yourself from weather events. (Photo: iStock)

It’s estimated that Hurricane Michael caused more than $4.5 million in damages when it hit Florida, Georgia and surrounding states in October 2018, including between $500 million to $1 billion in commercial losses alone.

The financial toll was even more severe when Hurricane Irma struck Florida in 2017— leaving behind roughly $50 billion worth of property damage and lost economic output. Navigating clean-up operations and frequent power failures proved to be challenging for business owners, especially since Irma left over 60% of the state of Florida without power. Plus, the uninsured costs of natural catastrophes, including weather-related natural disasters, totaled $344 billion in 2017 — a new record.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.


  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?


Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2022 ALM Global, LLC. All Rights Reserved.