"LONDON - Climate change is hurting the insurance industry and only 8% of insurers are preparing adequately for its impact, consultants Capgemini and financial industry body Efma said in a report on Tuesday.
Insured losses from natural catastrophes have increased 250% in the last 30 years, with perils such as wildfires and storms, seen as particularly impacted by climate change, causing an even faster rise in insured losses, the report said.
Insurers' main catastrophe risk in the past was typically from hurricanes in U.S. states such as Florida and Texas, Seth Rachlin, global insurance industry leader at Capgemini, told Reuters.
"We've seen with the flooding in Europe and wildfires in Australia, wildfires in California, it's becoming a broader geographic issue, affecting a broader percentage of the earth.""
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