Insurers have been seeing the effects of climate change on the property side of their books for some time, but now they are witnessing a similar dynamic in the energy line of business, said Darren Tasker, head of energy and construction in Canada for Allianz Global Corporate & Specialty.
Hail is another concern for underwriters, Tasker reported.
“We’ve certainly seen, relevant to Allianz, paying out losses for lightning strikes causing damage to wind turbines,” Tasker reported.