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PARIS (Reuters) – Compensation for claims linked to climate change cost insurers 6.5 billion euros in 2023, indicates France Assureurs in a press release published on Wednesday.
This is the third most expensive year for insurance companies, underlines their federation, pointing to a “change in scale” of climate risk “both in frequency and severity”.
“Over the last 4 years, climate losses have reached an average of 6 billion euros per year, significantly higher than that of the previous decade”, where it stood on average at 3.7 billion euros per year, reports to France Assureurs.
Equally worrying, according to the federation, “climate disruption is worsening faster than expected: over this same period 2020-2023, the cost of climate losses for insurers is 18% higher than the forecast established by France Assureurs in 2021 by 2050.”
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“Faced with this observation, we have launched numerous projects, including the ‘Drought Initiative’, aimed at better protecting individual homes from drought-related damage,” declared Florence Lustman, president of France Assureurs, in the press release. . “We must now go further and co-construct with the public authorities a real national risk prevention strategy.”
(Writing by Tangi Salaün, editing by Kate Entringer)
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