Climate change is expanding the frequency and intensity of weather events. To meet the challenges that face us, we need new climate resilience, far-thinking mitigation strategies, and a fresh commitment to addressing the amplified risks of the world we share.
Aon’s Weather, Climate & Catastrophe Insight: 2020 Annual Report notes that the year’s catastrophes included a record-setting North Atlantic hurricane season, highly destructive severe convective storms, wildfires, floods, and droughts.
The report reveals economic losses of USD268 billion in 2020. Of this total, private sector and government-sponsored insurance programs covered USD97 billion, creating a protection gap of 64%. Addressing the underserved by ensuring that there is increased access to affordable insurance products is more important than ever.
With its analysts, innovators and strategists, the insurance and risk industry is leading the way in rebuilding communities, collaborating with academia, charities and governments. But it’s just the beginning.
Read the Weather, Climate & Catastrophe Insight: 2020 Annual Report for a comprehensive picture of the protection gap, risk mitigation strategies and needs, and how climate change is affecting communities.
