Zurich Insurance Group’s CEO said on Thursday that insurance premiums will likely rise as the frequency and severity of natural disasters linked to climate change increase.
Climate change has already caused more frequent and severe natural disasters around the world, such as hurricanes, floods, wildfires, and droughts. These events have led to billions of dollars in losses for insurers.
Zurich CEO Mario Greco said that insurers will need to pass on some of these costs to customers in the form of higher premiums.
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