As extreme weather events become more severe and frequent, the failure to meet climate targets will cause economic disruption in both industrialized and developing economies. Environmental shocks are rapidly translating into financial instability. Some insurers are exiting high-risk zones and lenders are scaling back financing for exposed assets. Without insurance, habitability may be jeopardized. Mortgages collapse, properties lose value, and local economies are destabilized – with severe financial burdens for individuals and communities. This event assesses the consequences of climate-related impacts for global economic structures. We also analyze how the civilizational achievement of insurance can be effectively used as a risk-sharing mechanism in a changing Earth system.
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