A measurable increase in severe weather-related events over the last several years has kept climate change at the top of the news cycle. For those working in the insurance industry, billions of dollars have been paid out in weather-related claims during the last year alone. Unfortunately, the National Climate Change Assessment, a new report created by 13 U.S. Agencies, makes it clear that this trend will not be going away anytime soon. In fact, it is only going to get worse.
According to the report, the last few years of weather events have smashed all previous known records for damage costs. Since 2015, damaging weather events have resulted in upwards of $400 billion worth of damages.
This National Climate Change Assessment is mandated by law, but the Trump administration snuck it out amongst the fervor of Black Friday and Cyber Monday shopping sprees. The report itself is based on over 1,000 previous research studies and delves into the affect climate change is having on various regions across the United States.
While not every major disaster is a direct result of climate change, many are. Co-author William Hohenstein of the U.S. Department of Agriculture recently spoke a press conference, saying that ““A warm, dry climate has increased the areas burned over the last 20 years,”.
The report itself goes into great detail about this. One section reads:
“Climate change is transforming where and how we live and presents growing challenges to human health and quality of life, the economy, and the natural systems that support us…Annual losses in some economic sectors are projected to reach hundreds of billions of dollars by the end of the century — more than the current gross domestic product (GDP) of many U.S. states,”.
As climate change continues to grow, so to will the severity and frequency of these severe weather events. One of the best ways the average person can prepare themselves for this reality is to make sure they have invested in the proper insurance policies.
If you want to inquire about your current policies, or learn more about a new one, we encourage you to reach out to TGS Insurance. The TGS Insurance staff are experts in their field and are always ready to work with you to find the right policy for your lifestyle. Visit www.tgsinsurance.com to learn more.