If the drumbeat of weather-related disasters pounding the globe feels hard to comprehend, you’re not alone. Professional risk-assessors in the insurance industry are struggling to come to grips with extreme weather supercharged by climate change, Bloomberg reports. Reinsurance giant Swiss Re AG recently announced mid-year insured losses were more than 20% higher than average over the last 10 years. While the industry is generally good at understanding large events like hurricanes, it’s struggling to fully account for the costs of “secondary perils” like wildfires, snowstorms, and other extreme weather events that are becoming increasingly costly as continued extraction and combustion of fossil fuels heat the Earth’s climate. (Bloomberg $)
