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Fire and hail push insurers to rethink climate change risks


Added 09-19-19 04:03:02am EST - “By the time David Kaisel got back from selling his flour at a farmers' mark...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Fire and hail push insurers to rethink climate change risks”. Below is an excerpt from the article.

LONDON (Reuters) - By the time David Kaisel got back from selling his flour at a farmers’ market, a wildfire in California’s Capay Valley had burned both his tractor and the shipping container where he kept some tools. His insurer is set to pay out a sixth of his losses.

He is now considering widening his coverage in the future to include fire insurance for his business.

Kaisel is the kind of customer making insurers rethink their approach to climate change so they can sell policies without incurring too much risk.

“I’m already accustomed to drought, but in the past year I learned first-hand the consequences of both record rainfall and wildfire,” Kaisel said. “I’ll certainly consider insuring against environmental risks when my cash flow permits.”

How much that should cost him is something insurers are getting to grips with after years in which their main natural catastrophe focus was hurricanes and earthquakes — and global warming was mainly a concern for the future rather than the present.

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