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This article originally was published by Climate & Capital Media and is reprinted with permission.
The climate crisis is increasing the frequency, severity and unpredictability of extreme weather, increasing claims and making it harder to predict risk. As premiums are driven up, more customers are dropping out of the insurance market and insurers’ customer bases are shrinking.
Nowhere is this being felt more than in Australia, where the impacts of extreme weather, drought and bushfires are reaching Biblical levels. Over the last 10 years, the average home insurance premium in northern Australia has risen by 178 percent, according to the Australian Competition and Consumer Commission (ACCC). The commission also found that increasing insurance premiums are forcing 20 percent of people in cyclone-hit northern Australia to go without home insurance (compared with 11 percent elsewhere). This was caused by industry losses rather than price gouging, according to the ACCC.
Last modified on Wed 17 Mar 2021 17.03 EDT
The Hong Kong-based insurance company AIA, whose logo features on Tottenham Hotspur shirts, has bowed to pressure from campaigners and announced it will pull out of all coal investments by 2028.
AIA, the largest independent, publicly listed pan-Asian life insurance group, made the pledge in its environmental, social and governance report released this week. It is the first major insurance company in Asia to promise such a move.
AIA has $326bn of funds under management and is estimated to hold up to $6bn in coal and coal-fired power assets, according to the Institute for Energy Economics and Financial Analysis.