Catastrophe models can tell you how risky any given house is — but an answer alone isn't enough. Someone has to take real money and say, "if the house burns down, I'll pay." This lesson is about those people: the property & casualty (P&C) insurers that sell you the policy, and the reinsurers standing behind them to absorb the giant losses on top. As weather damage climbs year after year, the whole industry shifts into a "hard market" — raising premiums, tightening coverage limits, and in some states even pulling out entirely. The heart of this business is one phrase: discipline in pricing risk.
Chiba Heavy Rain Insurance Payouts at About 35.4 Billion Yen, Kumamoto Quake at About 23.8 Billion Yen, General Insurance Association Says
The General Insurance Association of Japan announced on the 17th that insurance payouts by non-life insurers related to August's heavy rain in Chiba Prefecture had reached a total of about 35.4 billion yen as of August 28, including projected amounts. The breakdown shows vehicle insurance covering 19,182 vehicles for a total of about 20.6 billion yen, and fire insurance covering 10,405 cases for a total of about 14.3 billion yen. Meanwhile, for the Kumamoto earthquake that struck in July, earthquake insurance payouts came to 30,838 cases, with total insurance payments reaching about 23.8 billion yen. Koji Ishikawa, chairman of the association, said new claims and inquiries continue to arrive daily, and stated that the industry as a whole will work on insurance payout procedures.
Capgemini Study Finds 68% of Executives Prioritize Climate Adaptation as Net Zero Gaps Widen
A new Capgemini Research Institute report finds that 68% of executives now say their organization actively prioritizes climate adaptation, up from 56% in 2025, yet only 15% have fully quantified the financial impact of climate-related disruptions. The fifth edition of A World in Balance: The resilience reset, based on a survey of 2,100 executives at 701 organizations with more than $1 billion in annual revenue across 13 countries, also shows the share of organizations falling behind on net zero goals rising to 11% in 2026 from 1% in 2025, with 29% saying they have postponed their net zero objectives, compared with just 8% last year. Nearly nine in 10 organizations report climate-related supply-chain disruptions, and more than seven in 10 executives say securing access to critical resources such as energy, water and materials now influences sustainability decisions more than emissions-reduction targets. Sustainability spending reached 1.04% of revenue last year, above the 0.8% initially allocated, and 83% of organizations plan to increase climate adaptation spending over the next 12 to 18 months. Cyril Garcia, Global head of Sustainability services and Corporate Responsibility at Capgemini, said climate disruptions have become the new normal and that leaders can no longer defer climate action.
Cabinet approves national disaster insurance scheme covering 30 million households, starting October 1
The Cabinet has approved the establishment of a national disaster insurance system, as proposed by the Ministry of Interior through the Department of Disaster Prevention and Mitigation, to shift disaster management from post-event relief toward advance risk management and transfer through an insurance system. Operations will begin on October 1. Ekkaphop Pienpiset, spokesperson for the Prime Minister's Office, said the system allows the state to determine in advance which risks it will retain and which will be distributed or transferred to the insurance system, helping reduce uncertainty in the budget burden and giving the public faster access to compensation. For residential coverage, the scheme will cover approximately 30 million households, based on housing statistics from the Bureau of Registration Administration under the Department of Provincial Administration as of September 10. It covers damage from floods, windstorms, and earthquakes, with maximum coverage of 100,000 baht per household per event. For floods, the initial compensation is 10,000 baht, with additional compensation of up to 90,000 baht per event. For windstorms and earthquakes, the initial compensation is 5,000 baht, with additional compensation of up to 95,000 baht per event. The scheme also provides coverage of 2 million baht per person in the event of death from such disasters. The Cabinet assigned the Bureau of the Budget to allocate budget funds in line with the specified framework and objectives, while the Office of the Insurance Commission, together with the Thai General Insurance Association, will procure insurers that are standard-compliant, stable, reliable, and fair. The Department of Disaster Prevention and Mitigation will serve as the budget-receiving unit and disburse funds to insurers in accordance with the prescribed criteria.
Cabinet approves 15-billion-baht national disaster insurance scheme covering 30 million households
Today's cabinet meeting (Sept 15) was chaired by Deputy Prime Minister and Transport Minister Phiphat Ratchakitprakarn on behalf of Prime Minister and Interior Minister Anutin Charnvirakul, who is on a trip to the Socialist Republic of Vietnam. The Interior Ministry is seeking approval for a total budget framework of 15 billion baht to buy natural disaster insurance under the national disaster insurance programme, and is proposing three types of policy covering floods, windstorms and earthquakes, for 30 million households, with a one-year coverage period from 1 October 2026 to 1 October 2027, to ease the burden of risk on the state, which spends tens of billions of baht a year on relief for disaster victims. Meanwhile, the Ministry of Agriculture and Cooperatives is seeking approval for a project to improve the irrigation system in the lower Chao Phraya basin and the lower eastern side, with a budget of about 95 billion baht, using loans from the Asian Development Bank, or ADB, together with the national budget. The Transport Ministry, for its part, is proposing to cancel the item for construction of the ministry's new headquarters building, which was tied to the budgets for 2026 to 2028, effectively delaying the construction plan. Attention is also on proposals to appoint and transfer senior officials at several ministries to fill positions left vacant by retirements on 30 September this year.
ICE Mortgage Monitor: Property Insurance Costs Up 8.7% Annually as Growth Slows
Intercontinental Exchange released its September 2026 ICE Mortgage Monitor Report, finding that property insurance costs hit another record high in the second quarter but the pace of growth is sharply moderating. The average single-family mortgage holder now pays a record $209 per month for insurance, nearly 80% more than at the start of 2020, with property insurance accounting for 9.6% of the average monthly mortgage payment. Costs rose 8.7% annually, easing from 11.4% at the start of the year and a peak of 15.1% at the end of 2024, and the 1.8% quarterly gain in Q2 was the smallest since ICE began tracking the metric. Homeowners who switched private carriers cut their premiums by a record 6.6% on average, the largest savings since ICE began tracking the data in 2013, while those who stayed with their existing carrier saw premiums rise 10.4%, leaving switchers $440 a year ahead. Regional trends diverged widely, with the largest annual increases in Greenville, South Carolina at 15.8%, Honolulu at 14.7%, Minneapolis at 13.1%, and Sacramento and San Diego at roughly 12%, while Miami and New Orleans, the nation's two most expensive insurance markets, saw among the smallest increases.
State disaster insurance scheme set at 15 billion baht, covering 30 million households, with 25 of 47 companies selected
The Thai General Insurance Association is pressing ahead with a national disaster insurance system after the Cabinet approved the plan, aiming to begin coverage this October. Dr. Somporn Suebthawilkul, Chief Executive Officer of Dhipaya Group Holdings Public Company Limited and President of the Thai General Insurance Association, disclosed that the government will pay the premiums on behalf of the public, covering roughly 30 million households nationwide, amounting to total premiums of 15 billion baht per year, or about 500 baht per household per year, for three types of peril: floods, windstorms and earthquakes. The project targets total coverage of approximately 75 billion baht, or about five times the premiums the government pays, which represents the maximum liability the insurance system must be prepared to absorb rather than the full amount the government pays directly to the public. On the selection of companies to join the project, preliminary assessment indicates that about 25 insurers may qualify out of 47 companies, based on capital adequacy ratios of 180 to 200 percent, and continuous profitability for no less than two years may also be required. Meanwhile, the reinsurance structure is under discussion for Thailand Reinsurance Public Company Limited, or THRE, to take on risk management. In the initial phase, the fund model or the establishment of a national catastrophe insurance company will not yet be used, since that would require many legal steps and could take at least about two years.
Finance Ministry Expects National Disaster Insurance System to Launch in Fiscal 2027, Covering 30 Million Households
The Permanent Secretary of the Ministry of Finance revealed that the national disaster insurance system, which has been approved in principle by the Cabinet, is expected to begin operations in fiscal year 2027. This marks a shift from directly using the central budget for relief, which averaged 30 billion baht per year, to transferring risk into the insurance system. The government will subsidize insurance premiums by approximately 15 billion baht to provide coverage of up to 75 billion baht for about 30 million households. The policy will cover three major natural disasters: floods, storms, and earthquakes, excluding fire due to its low risk. Meanwhile, non-life insurance companies will assume risk based on their size and capacity, and will use reinsurance to spread risk. Satellite technology will also be employed to expedite damage assessment.
Cabinet Approves Universal Disaster Insurance for 30 Million Households, Covering Homes Up to 100,000 Baht
The Cabinet has approved in principle a universal disaster insurance program covering 30 million households nationwide. The government will pay annual premiums of approximately 15.5 billion baht to provide housing coverage of up to 100,000 baht per household per occurrence, and 2 million baht per person in case of death, with initial payouts available within 15 days. Prime Minister Anutin Charnvirakul announced after the Cabinet's mobile meeting in the South that this program will shift the compensation system from waiting for relief funds to insurance payouts, which are faster and more generous. The total coverage amount is 75 billion baht per year, compared to the previous annual relief budget of about 40 billion baht. Additionally, an urgent budget of 142 million baht was approved to address disasters in the southern region.
Verisk Raises Global Insured Catastrophe Loss Estimate to $171 Billion
Verisk's catastrophe modeling unit has released its 2026 Global Modeled Catastrophe Losses Report, calculating that the insurance industry should prepare for $171 billion in average annual insured catastrophe losses, up $19 billion from a year ago and the highest estimate Verisk has reported to date. The benchmark rose even after a year with no U.S. hurricane landfalls for the first time in a decade, driven by exposure growth, rising reconstruction costs, and continued development in catastrophe-prone areas. Of the $171 billion global insured average annual loss, $117 billion, or 68 percent, is attributed to the United States, with severe thunderstorm accounting for 40 percent of modeled risk, ahead of tropical cyclone at 27 percent, earthquake at 10 percent, winter storm at 9 percent, flood at 7 percent, and wildfire at 6 percent. The report also notes that a severe catastrophe year could generate losses nearly three times higher than the global AAL, with modeled aggregate insured losses reaching $477 billion at the 100-year return period and $606 billion at the 250-year return period. Since Verisk first published this report in 2012, the estimated global insured AAL has nearly tripled, rising from $59 billion to $171 billion, reflecting expanded model coverage and growth in insured exposure.
Verisk Reports Record $171 Billion Global Insured Catastrophe Loss Benchmark
Verisk's catastrophe modelling unit has released its 2026 Global Modelled Catastrophe Losses Report, calculating that the insurance industry should be prepared to withstand $171 billion in insured catastrophe losses on average in a given year, up $19 billion from a year ago and the highest estimate Verisk has reported to date. The benchmark rose even after a year with no U.S. hurricane landfalls for the first time in a decade, reflecting continued growth in property values and insured values worldwide. Severe thunderstorm accounts for 40 percent of modelled insured catastrophe risk, more than any other peril, ahead of tropical cyclone at 27 percent, earthquake at 10 percent, winter storm at 9 percent, flood at 7 percent, and wildfire at 6 percent. At the 100-year return period, modelled aggregate insured losses reach $477 billion, and at the 250-year return period, they reach $606 billion. The report also highlights a persistent protection gap, noting that globally only about 38 percent of economic losses from natural catastrophes are insured, while in Europe, only about $24 billion of the region's $110 billion in expected annual economic catastrophe losses is insured, or 22 percent.
PM visits Hat Yai to follow up on flood prevention plan, to propose flood insurance to Cabinet
Anutin Charnvirakul, Prime Minister and Minister of Interior, visited the Khuan Na Water Gate (Khlong Phumiphat Damri) in Hat Yai District, Songkhla Province, to follow up on the flood prevention system plan for Hat Yai City and to hear a report on readiness for the 2026 flood season. The Royal Irrigation Department confirmed that the restoration of damaged structures will be completed before October 2026, covering the dredging of 7 canals, and that Canal Ror 1 will be able to drain 1,200 cubic meters per second. The Prime Minister emphasized that the government will integrate rainfall, water, and weather data to alert the public immediately, and instructed to streamline assistance and relief procedures. He also thanked the Asian Development Bank (ADB) for supporting medical equipment and repairing shelters. In addition, at tomorrow's Cabinet meeting, a proposal will be made to provide flood insurance to every household, without requiring proof of tenant or owner status, to expedite relief when incidents occur.
Pakorn to propose mobile cabinet approve disaster insurance for 20 million households
Deputy Prime Minister Pakorn Nilpraphun is preparing to propose that the mobile cabinet meeting in Songkhla approve a basic disaster insurance purchase programme for 20 million households, focusing on high-risk areas, to reduce the government's relief budget burden. The plan uses the Japanese model, under which insurers pay directly according to criteria set by the Office of Insurance Commission, covering floods, windstorms and earthquakes. It is expected to take effect as early as 1 October 2026, in line with the prime minister's policy.
Climate exposure is increasingly altering the financial calculus of retail properties, moving beyond sustainability to become a core operating-cost and estate-planning issue. Insurance costs for U.S. commercial real estate surged 88% over five years, with MSCI data showing insurance reached 2.4% of income receivable in the 12 months to the third quarter of 2024, double the share five years earlier. However, the broader concern is that location-specific hazards like floods, wildfires, and severe convective storms—which Swiss Re Institute says accounted for 92% of global insured natural catastrophe losses in 2025—can disrupt trading, damage stock, and lengthen recovery times, making a store’s long-term economics depend on total risk rather than rent and footfall alone. Retailers are urged to assess risk store by store, invest in resilience where it matters most, and factor insurance, potential downtime, and adaptation costs into lease renewals and capital-allocation decisions.
Swiss Re CEO warns heatwave death risk is underestimated
Swiss Re CEO Andreas Berger has pointed out that the risk of death from heatwaves is being underestimated. Record heatwaves in Europe have led to thousands of excess deaths, mostly among people aged 65 and over, with the Robert Koch Institute estimating that heat-related deaths in Germany reached around 11,900 by late July. In an interview with Swiss newspaper NZZ am Sonntag, Berger said there needs to be greater awareness of the danger, and that it is too early to assess the impact of excess deaths on the company's performance.
Orion180 Insurance launches customizable private flood insurance in California
Orion180 Insurance has launched its Residential Private Flood Insurance in California, offering customizable coverage that goes beyond the National Flood Insurance Program. The new product provides up to $1 million in building coverage with waiting periods as short as 10 days, compared to the NFIP's $250,000 cap and 30-day wait. Policies are designed to meet FMAC and FNMA requirements and cover X, A, and V flood zones, with most homeowners able to obtain coverage without elevation certificates. CEO Ken Gregg noted that flooding is a growing concern even in areas not traditionally high-risk, and the company aims to deliver protection reflecting a homeowner's real flood exposure.
Kumamoto Earthquake Could Push Japan Insurance Claims Past 175 Billion Yen
Bloomberg Intelligence estimates that the magnitude 7.1 earthquake in Kumamoto Prefecture on July 28 could drive claims for Japan's insurance industry above 175 billion yen, or about 1.1 billion US dollars, which is the average damage from six previous major earthquakes. Most of the damage is to commercial properties and homes covered under Japan's earthquake insurance system. The three major private insurers, Tokio Marine Holdings, Sompo Holdings, and MS&AD Insurance Group Holdings, have collectively set aside 365 billion yen to cover natural disaster claims this fiscal year, more than double the total claims of the previous year. However, Bloomberg Intelligence assesses that the impact on the earnings of the three companies will remain limited. After reinsurance and taxes, the claims burden from this event will account for less than 1 percent of the industry's adjusted profit.
France-Spain wildfires rage out of control, over 300,000 evacuated, Macron calls emergency meeting
A massive wildfire in southern France has spread into Spain, forcing the evacuation of more than 300,000 people, as President Emmanuel Macron prepares to convene an emergency cabinet meeting to tackle the crisis, which is still being fuelled by a heatwave and erratic winds. The fire started in the Gironde region of southwestern France, burning over 42,000 hectares and becoming one of the largest evacuations in French history. In Spain, wildfires have caused damage in the Ávila and Toledo areas, with total damage exceeding 77,000 hectares. French authorities have deployed over 2,500 firefighters, 1,500 military personnel, and nearly 1,200 police officers to bring the situation under control, while experts say the fires have generated pyrocumulonimbus clouds, making the blazes spread unpredictably and difficult to contain.
Spain declares state of emergency, France evacuates 110,000 as severe wildfires rage across Europe
Spain and France are facing one of their worst wildfire crises in years. Spain has declared a nationwide state of emergency after multiple fires west of Madrid merged into a massive blaze, affecting more than 60,000 people. Over 30,000 have been evacuated, and around 20,000 have been ordered to shelter in place. Meanwhile, in France, more than 110,000 people have been evacuated due to wildfires in the Gironde and Landes regions, which have already burned over 19,000 hectares and are advancing toward the city of Bordeaux. President Emmanuel Macron said the situation remains extremely tense, ordering the deployment of military forces and requesting assistance through the European Union's civil protection mechanism. Experts warn that climate change is increasing wildfire risk across Europe, with higher temperatures and prolonged drought drying out natural fuels and accelerating fire spread.
OIC Launches CAT Scenarios Stress Test to Strengthen Thai Insurance Industry Against Future Catastrophes
The Office of Insurance Commission, or OIC, has launched the CAT Scenarios Stress Test project to assess the impact of natural disasters on the Thai insurance industry at a sector-wide level. Dr. Ayusri Khambanlue, Assistant Secretary-General for Regulatory Standard Development, chaired the opening meeting on July 6, 2026, joined by representatives from the Thai General Insurance Association, insurance companies, and project advisors including TIRD, Milliman, Moody’s, and PwC. The project will develop a stress testing framework using catastrophe scenarios tailored to Thailand’s risk context, covering three main scenarios: a severe 1-in-200-year flood event, a 1-in-200-year earthquake event, and a combined flood and earthquake occurring within the same year at a 1-in-100-year severity level. It will also assess impacts on financial positions, liquidity, and recovery paths over a three-year period. The project is divided into four phases and is expected to be completed by December 2026. The OIC expects the results to enhance risk management knowledge, strengthen the stability of the Thai insurance system, and support the development of proactive supervisory tools to cope with large-scale disasters in the future.
Allstate estimates June catastrophe losses at $1.72 billion
Allstate estimates its June catastrophe losses at $1.72 billion, or $1.36 billion after tax. Combined with estimated catastrophe losses for April and May, second-quarter catastrophe losses will total approximately $2.88 billion, or roughly $2.28 billion after tax. The June 2026 figure is significantly higher than the June 2025 estimate of $619 million, or $489 million after tax.
Better Weather Tops Affordability as Reason for Out-of-State Moves, Redfin Survey Finds
Better weather is the most commonly cited reason Americans plan to move out of state, according to a new Redfin survey, outranking affordability and job changes. Twenty-two percent of U.S. residents planning an out-of-state move in the next year said better weather is motivating their relocation, while 21% cited concerns about natural disasters and climate risks. Safety or crime concerns followed at 20%, then a new job at 19%, and lower overall cost of living at 18%. The survey, conducted by Ipsos in May 2026 among 4,000 U.S. residents, also found that 14% of out-of-state movers are heading to Florida, making it the top destination, followed by Texas at 13% and California at 11%.
Florida man loses roof to Hurricane Milton two months after paying off home, had no insurance
A Florida man had his roof torn off by Hurricane Milton just two months after paying off his home, and he had no homeowner's insurance to cover the damage. Mike Parrot told WFLA News that he and his wife had paid off their Bradenton home about two months before the Category 5 storm hit in October 2024, ripping the roof off and leading to the house being condemned. The couple had to live in their backyard studio while repairs were made, a situation WFLA reporter Shannon Behnken said she often encounters as homeowners drop insurance after paying off mortgages to save money. Insurify data shows about one in five Florida homes are uninsured, and the state's average annual home insurance premium reached $8,292 in 2025, an 18% increase from the prior year. The report also noted that most standard policies do not cover flooding, and roughly 80% of Florida residential structures lack flood insurance.
Middle-Class Retirees Can Only Afford Redding in California
Middle-class retirees have only one realistic option in California: Redding, where the median home price is around $400,000, roughly half the statewide median of $775,000. A couple with average Social Security benefits of about $49,700 per year faces a total annual budget of roughly $73,000, including $5,500 for homeowners insurance that reflects surging wildfire premiums. The California FAIR Plan has seen written premiums rise 208% since September 2022, with an approved average rate increase of about 29% starting October 2026, adding $4,000 to $8,000 annually in high-risk areas. After Social Security, the remaining gap of about $23,300 requires a portfolio of roughly $585,000 at a 4% withdrawal rate or $665,000 at 3.5%, assuming a paid-off home. This budget works only in the far north, inland areas like Shasta County, where costs are lower but wildfire insurance remains a critical, often overlooked expense.
Judge rules California home insurer wildfire surcharges are legal
A Los Angeles County Superior Court judge has ruled that surcharges imposed on California homeowners by insurers to cover wildfire costs are legal. Judge Tiana Murillo denied a petition by Consumer Watchdog to halt the charges, which insurers began levying after the California FAIR Plan required a $1 billion bailout following $4 billion in claims from the January 2025 wildfires. Under a 2024 deal with Insurance Commissioner Ricardo Lara, insurers could seek approval to surcharge residential policyholders for up to half of any $1 billion assessment, and 105 insurers including State Farm General, Farmers, and Mercury received such approval. Consumer Watchdog argued the surcharges violated Proposition 103 and that Lara lacked authority, but the court rejected all claims. The median homeowner surcharge was $28, and the group said $420 million in surcharges were approved.
Verisk estimates Venezuela earthquake losses to exceed $10 billion
Verisk estimates that economic losses from the June 24 earthquake sequence in Venezuela will likely exceed $10 billion. The earthquakes caused the heaviest damage in the Caracas metropolitan area and La Guaira state, with an estimated 1,400 buildings destroyed, and significant destruction was also reported across Aragua, Carabobo and Yaracuy states. Verisk said uncertainty around insured losses is higher than usual because of Venezuela's elevated inflation, low insurance penetration, sanctions-related market complexities, and challenges in valuing insured assets.
Climate Risk Management Market to Surge from $8.59B in 2026 to $19.08B by 2031
The climate risk management market is projected to grow from USD 8.59 billion in 2026 to USD 19.08 billion by 2031, at a compound annual growth rate of 17.3%. The growth is driven by regulatory emphasis on climate disclosure and resilience planning, with organizations adopting advanced platforms to manage exposure to climate-related risks guided by frameworks like ISSB and TCFD. Geospatial intelligence and scenario-based modeling are crucial, especially in North America, which is expected to hold the largest market share by 2026, and the fast-growing Asia Pacific region. Key players such as IBM, Deloitte, and Moody's are advancing platform capabilities with integrated geospatial and climate intelligence solutions.
Vortex Weather Insurance has launched a Broker Weather Coverage Toolkit, a free web resource designed to help commercial brokers introduce parametric weather coverage to clients. The toolkit centralizes training, client-facing explainers, and white-label sales assets without requiring a login. It includes proposal slides, vertical-specific use-case examples for events, coastal properties, snow-dependent businesses, and hail-exposed assets, as well as FAQ content. Brokers can use the materials to initiate conversations about uncovered weather risks during renewals and new business pitches. Vortex offers quotes in minutes, pays commissions, and handles claims, with coverage underwritten by Mitsui Sumitomo Insurance USA, which holds an AM Best rating of A+.
Forecasters Say El Niño Is Developing; Homeowners Urged to Prepare
Forecasters are closely monitoring the development of El Niño conditions in the Pacific Ocean, a climate pattern that will influence weather across the United States. The National Oceanic and Atmospheric Administration recently announced that El Niño conditions have emerged and are expected to strengthen in the months ahead. Mercury Insurance explains that El Niño shifts the odds toward certain weather patterns but does not guarantee specific outcomes, and impacts can vary significantly by region. Homeowners are advised to take common-sense preparation steps now, such as inspecting roofs and gutters, trimming hazardous branches, reviewing insurance coverage, and refreshing emergency supplies.
Flood-prone US counties lost over 63,000 residents in 2025, nearly double the prior year's outflow
High-flood-risk US counties lost 63,357 more residents than they gained in 2025, nearly double the net outflow of 34,099 recorded in 2024, according to a Redfin report. Meanwhile, low-flood-risk counties gained 69,857 residents last year, the biggest uptick since 2018. Miami-Dade County led the exodus with a net loss of 72,254 residents, followed by Harris County, Texas, which lost 43,377. Redfin's chief economist Daryl Fairweather said climate risk is becoming a more important factor as repeated flooding and rising insurance costs make homeownership in vulnerable areas more expensive and less predictable.
Carlyle Unveils Climate Risk Framework for $475 Billion Portfolio
Carlyle Group is introducing a new climate risk framework for its $475 billion portfolio at London Climate Action Week. The framework, developed with insurance broker Marsh and backed by institutional investors including Mubadala and Sampension, provides portfolio managers a four-step process to assess asset exposure to extreme weather, measure resilience gaps, calculate loss reduction from upgrades, and use those findings to negotiate better insurance terms such as premium credits and lower deductibles. Steve Hatfield, Carlyle's co-head of global sustainability, said the goal is to shift from reacting after damage to pricing resilience before storms, floods, droughts, or heat exposure hit asset values. Several major institutional investors have already shown interest, and leading insurance carriers are expected to road test the framework in coming months.