Home and auto insurance rates have been on the rise in recent years, driven by various factors such as increasing claim frequency and severity, rising repair and replacement costs, and broader economic trends. Concurrently, insurance companies have been adjusting coverage options and narrowing policy terms to manage their exposure to risks and maintain profitability. These…
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Climate change is reshaping the world in profound ways. Our industry is significantly affected by the evolving climate patterns. The increasing frequency and severity of extreme weather events, rising sea levels, and changing climate patterns pose substantial challenges for insurers and insureds alike. Escalating Costs of Natural Disasters: Climate change’s most immediate and tangible impact…