Insurance: soaring premiums and major losses after wildfires show devastating impact of climate crisis

Early data showed that insurance companies paid out over $4bn for losses from the two largest wildfires that devastated the Los Angeles area in January. The Association of British Insurers meanwhile says the industry lost a record £585m as a result of weather-related damage to homes and possessions in 2024, while an Insurance Council of Australia report on catastrophe resilience indicated a 73 per cent increase in claims in 2023/24 compared to the previous year.

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