The Colossal Cost Of Climate Change For Carriers And Insureds

As the effects of climate change increase in severity, world financial leaders debate over just how much the crisis is affecting the global economy.

Back in February 2019, Morgan Stanley released a report outlining the costs of climate disasters in the last three years. Of the $650 billion in economic losses, $415 billion of that came from North America.

But climate change had been having adverse effects on the economy long before Morgan Stanley drew attention to the numbers. The climate crisis was a crucial talking point at the World Economic Forum, which took place January 21-24 in Davos, Switzerland.

“What good is all the extra wealth in the world, gained from ‘business as usual,’ if you can do nothing with it except watch it burn in catastrophic conditions?” Prince Charles of Wales, a lifelong environmentalist, told CNN in a cry for a reduced carbon footprint.

Not all economic leaders echoed his sentiment.