Insurers face annual bills of more than $150bn from natural catastrophes as changes in the climate lead to more storms and flooding, according to risk modeller Verisk.
The maritime sector is using such models to identify growing risks from climate-related rising water levels that jeopardise port facilities and operations — and the knock-on effects on global trade.
Although modelled on land-based property, the Verisk study highlights the growing costs for insurers from changing weather and natural phenomena through hurricanes, earthquakes, storms, wildfires and floods.
