Insurance in a world of climate extremes: What latest science tells us
Climate change is affecting the severity and frequency of natural catastrophes. Around the world, these risks manifest in different ways: more local flooding, torrential rain, prolonged drought, severe wildfires and other extreme weather events.
Urban sprawl and population growth in areas of high exposure, such as along the coast and on the fringes of forestland, are putting many more people and assets in harm’s way. It is therefore vital that we adapt to the mounting risks and make our communities more resilient. But adaptation alone will not be enough.
If unmitigated, climate change could trigger environmental tipping points, which would permanently alter the climate, irreversibly damage our planet and threaten many more livelihoods. This worst case scenario is becoming ever more likely as greenhouse gas emissions continue to reach record levels. To hit a target of a “net-zero” emission economy by mid-century will require drastic changes to land use, energy production, consumption, industrial processes, construction, transport systems and the development of cities.
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