Authored by Sara Weathers
Climate change and the natural disasters that come with it are becoming costly for insurance companies. According to a recent Insurance Journal article, the total insured damages in 2022 cost $120 billion.
Insurance is meant to give its customers comfort that they are covered when disasters hit by paying small premiums but when more claims are being made, these premiums may have to increase so they can continue to be covered.
While premiums may increase, they will still cost much less than having to pay out of pocket should your business become victim to a natural disaster. With supply chain issues and inflation, your current plan may not cover as much as it used to. Businesses should keep their plans up to date as climate change is causing more unpredictable natural disasters than ever before.
Have questions about your property insurance or how climate change could affect your premiums? AdvoCap Insurance is here to answer them!
Photo Credit: millaf, 123rf.com