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Managing claims in a changing climate

As more people are being affected by severe storms and flooding, new challenges and opportunities are emerging for claims professionals

Climate change's impact on weather. As the climate has warmed, so too has the severity of natural disasters. (Photo: Shutterstock)

Although 2020 marks the beginning of a new decade, the next 10 years will largely be characterized by what has defined the past decade: climate change. Climate change has been ongoing since the 1800s, but the increase in severity and frequency of natural disasters during the last 10 years alone reveal how quickly it has accelerated; data from the World Meteorological Organization paints an even starker picture, as 2019 ended the warmest decade on record.

The effects of climate change are well-documented, especially in regards to water. Sea levels have increased, oceans have become hotter, and floods that have a 1-in-500 chance of occurring are defying the odds and becoming more likely. All of this is to say that the planet’s relationship with water is becoming more complicated — and the same is happening in the insurance industry. As more people are being affected by severe storms and flooding, new challenges and opportunities are emerging for claims professionals

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Denny Jacob

Denny Jacob

Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].

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