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2021 would be the sixth time global natural catastrophes have crossed the $100 billion insured loss threshold - according to Steve Bowen, Meteorologist & Head of Catastrophe Insight at insurers Aon. All six have happened since 2011 and 2021 will be the fourth in five years.

According to UN Environment Programme, the national climate plans which make up the Paris Agreement are not currently on track to ensure global warming is kept below 1.5C.

According to the new report by the Intergovernmental Panel on Climate Change (IPCC), human-induced climate change is affecting many weather and climate extremes across the globe. The evidence of it can be observed in the extreme heatwaves, heavy precipitation, droughts, and tropical cyclones.

The daily precipitation events are projected to intensify by about 7% for each 1°C of global warming. With the IPCC report suggesting a 1.5°C of global temperature rise in the next 20 years, the proportion of intense tropical cyclones (categories 4-5) and peak wind speeds of the most intense tropical cyclones should increase as well.

With more severe and frequent extreme climate events in the future, the damage to property, infrastructure and human life is expected to go up as well. This indicates a larger payout by insurance companies and higher insurance premiums for the policy buyers.

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