Impact Of Climate Change To Make Insurance Prohibitively Expensive, Says Munich Re

The largest reinsurance company in the world has cautioned that most people won’t afford coverage soon. For several years, insurance companies have been warning that the impact of climate change will be an expensive one. Munich Re, the largest reinsurance company in the world, is now warning that global warming will make insurance too expensive for most people. The reinsurer has already blamed climate change for $24 billion in California wildfire losses. Munich Re chief climatologist, Ernst Rauch, explained in a recent Guardian report that it won’t be long before consumers start feeling the pinch from the impact of climate change. He stated that premiums will be on the rise on a wide scale. Rauch pointed out that policyholders in some of the most vulnerable parts of California area already experiencing the affects of this expensive trend.