As temperatures continue to rise, droughts are becoming more intense and are unfortunately lasting longer.
The larger the hailstone, the greater its potential to do serious damage. Although they are typically localized events, severe hailstorms can still cause losses in the billions.
Across the globe, extreme rainfall events have surged more than 50% this decade and are now occurring at a rate four times higher than in 1980. Munich Re 2018
As challenging as the climate crisis will be to overcome, the renewable energy sector is at the forefront of this change, and the re/insurance industries are well-placed to help. Considering the risk to assets that secondary perils now present, it is extremely important that project developers think about mitigating possible future risks as well as current ones.
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