We've had an incredible year
of record breaking temperatures and extreme weather.
Are businesses doing enough to adapt? Are they ready?
- I don't think businesses are ready.
I think we are all realizing how fast things are changing.
We try to quantify how much damage there was
over the past years resulting from climate change
and the second and third order effects.
And in 2022 alone, we quantified that amount
to be about $200 billion US alone.
And a big part of that is not insured.
So it hits the P&L of companies around the world.
And I do think they're waking up.
I do think they're realizing
this has a major impact on their financials,
it has a major impact on their supply chain
and operational resilience.
For example, when you go
into some of the consumer goods categories,
I mean, there's just not the same amount of supply available
at the same places as it used to be.
And I mean, companies need to adapt.
I think many have started, but very few are at a point
where I would say they have fully embraced it
and adapted to what will be the reality going forward.