Page 17 - Turkinsurance Digital Magazine

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How will climate change affect

insurance?

Climate change has always been a major problem in the world. But
especially recently, we have started to see the effects of climate changes
very closely in our country, and the situation is not different all over
the world. While, on one side, we are dealing with fires, on the other,
there are floods, storms, catastrophic climate risks. Climatic risks

create global-scale changes that affect all life, and this is also starting
to break the rules in insurance on a global scale. Now risk experts
are leaning more towards climate and nature, adding climatic risks to

their risk calculations, suggesting insuring exposed areas in this area.
Experts say that climate crisis will be one of the key points in future
insurance

Climate changes, which have a long history, gained a different dimension due to the economic, social
and demographic changes due to the Industrial Revolution that started in England at the end of the
18th century, and became threatening to the world's climate system depending on the technological
developments in the 20th century.

Climate change is defined as” large-scale, long-term and slow-developing changes in climatic con-
ditions with significant local effects." Climate change is a global problem with its causes and conse-
quences, and its effects are seen all over the world.

Studies have shown that the lowest and highest temperatures of the land fragments analyzed have
increased significantly since the beginning of the 20th century, while significant changes have oc-
curred in the layers of ocean, ice and snow. In the last 30 years, the average global temperature
has been at its highest level since 1850, and in the last 40 years, the upper layer of the oceans has
warmed, there has been a serious decrease in ice floes on earth, and sea levels have risen by about
19 cm. The biggest impact of climate change is the natural disasters it causes. Droughts caused by
hurricanes, hailstorms, severe storms, floods and extreme heat account for the largest proportion of
all natural disasters seen in recent years around the world.