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Many international and local companies have introduced products responding to changing consumer needs and consumer preferences shifting to more sustainable behaviour – these include products targeting new and growing industry sectors, products with a ‘green’ element and products responding to new and increasing risks.
The insurance industry relies on the ability to make informed predictions of future events as the basis for taking actions in the present. increased severity and/ or frequency of weather events, if not adequately accounted for, will mean that claims exceed levels predicted by actuarial models, and premiums will not be set correctly. Figure 2 illustrates the trends in the number of disasters reported internationally per year.