White Paper

Tackling the Unforeseen Environmental Risks of Climate Change

Philadelphia Insurance Companies discusses how they work together with their insureds to afford comprehensive coverage solutions via their environmental product offerings.

White Paper Summary

Climate change has fundamentally altered the risk landscape for both insurers and insureds. Wildfires, flooding, droughts and extreme storms are becoming increasing more prevalent in both their frequency and severity. The US was hardest hit, with large stretches of the East Coast pummeled by hurricanes, wildfires in the west, and the Midwest struck by a record number of convective storms.1 These natural, or named peril, events in an aggregate for the insurance industry are causing more frequent catastrophic losses for carriers from business interruption, claims handling, and replacement costs.

Exacerbation of the increased costs has arisen from the materials required to carry out such restoration of property which have become increasingly more expensive due to the scarcity caused by the Covid-19 crisis. In particular, wood and other building materials integral to construction and reconstruction have ballooned the costs to repair properties to like or similar conditions prior to the natural event.

To learn more about Philadelphia Insurance Companies, please visit their website.

Philadelphia Insurance Companies (PHLY) offers product-specific resources, alliances, and service capabilities to achieve a multi-faceted approach to risk management, including safety program development, site audits, and training (including interactive web-based training). We offer a wide range of products and value-added services at financial terms to be agreed upon to help you achieve your risk management goals.

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