The impact of climate change as risk on the insurance industry

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Hernandez, Erick
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MBA in Project Management
Dublin Business School
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Over the last years, there has been an environmental issue that is changing and getting worse rapidly on Earth; this is known as climate change, increasing its critical risk for the global economy, ecology and human health and wellbeing. Therefore, climate change is one of the most critical environmental issues with severe complications and issues for different sectors around the world, including the insurance sector. The research project is based on the impact of climate change as a risk on the insurance sector due to the importance of this topic. The aim of this study is to assess the impact of climate change as a risk on the insurance industry. The research involves qualitative data with primary and secondary data collection. Besides, the study includes a total of five participants from Ireland, Mexico and Sri Lanka. The results show that the insurance sector is coping with a critical risk issue resulting from climate change; however, the insurance sector will face a higher impact due to climate change during the coming years.