A new report revealed the impact of warming climates worldwide on the insurance industry. The impact of climate change on the economy will have an increased liability risk for insurance companies. Catastrophes related to extreme weather are becoming more severe and frequent, according to a Moody’s Investors Service report. The report pointed to the rising instance of weather disasters like Hurricane Harvey in 2017. Moody’s Investors Service recently released a report. It investigated the economic aftermath of climate change. Insurance companies will face an increased liability risk from more frequent and powerful weather catastrophes, said the report.