4 Reasons Pollution Claims Are Rising In Frequency And Severity

 Wednesday, July 29, 2020

 Risk & Insurance

Greta Thunberg, global climate marches, documentaries such as Love Canal, Gasland and The Devil We Know — over the last decade, pop culture and the media have been turning up the volume on the conversation surrounding climate change.

Environmental insurance claims have been rising over the last few years, and according to a survey report from Willis Towers Watson, hard market conditions are also contributing to shrinking capacity.

But what has contributed to this rise in environmental claims? Is the volume of pollution being produced increasing? Is the growing economy a contributing factor? Is it the increase in natural disasters? Are we running out of time to reverse the effects of climate change?

Actually, it’s a little bit of all of the above, and then some.

According to Jamie Langes, assistant vice president in the Environmental Division with Philadelphia Insurance, there are four main drivers of pollution claims that explain why they are increasing in frequency and severity.