Damage from severe weather events is increasing worldwide. As reported, the autumn flood in Lower Austria alone caused damage of around 1.3 billion euros. Over the past two decades, weather events caused by climate change have caused around $600 billion in damage. That’s now more than a third of the world’s insured weather losses, according to Insure Our Future’s annual scorecard report “Within Our Power”; The German NGO Urgewald is co-editor of the report. This is an immense climate price that insurers have been passing on to policyholders for a long time. The proportion of climate-related damage increased on average from 31 to 38 percent of total insured weather damage over the past decade.
