Allianz CEO fears climate change rate hikes
Andrew Torrance, chief executive officer of Allianz Cornhill, expects that insurance premiums may ri...
Andrew Torrance, chief executive officer of Allianz Cornhill, expects that insurance premiums may rise to cover the risks associated with climate change. He said: "For our insurance business, climate change is increasing the potential of property damage at a rate of 2% to 4% per year. In some cases, this might result in property-damage premium rises in some markets as insurers adjust their risk-based insurance cost models to reflect the increasing severity of climate change events."
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