Insurance industry can find economic opportunity in climate change

Climate change may present economic opportunities for insurers. (Photo: Lightspring/Shutterstock)

May is Hurricane Preparedness Month, reminding us to be sure we’re mitigating risks as the start of the Atlantic hurricane season approaches on June 1. In the 2020 season, in addition to dealing with the COVID-19 pandemic, insurers and policyholders should consider the effects of climate change on potential losses from storms that have increased in frequency and severity in recent years.

The stable climate created a predictable physical climate, which contributed to the emergence of the modern economy, says Arturo Brandt, environmental lawyer, sustainability consultant, and senior broker and Latin American representative for Tradition Green, the environmental markets brand of Tradition, one of the world’s largest brokerage firms.