This is particularly problematic for home insurance in the context of climate change , where preventative measures could significantly reduce damage and costs .
For instance , mitigating risk has long been discussed for home insurance , especially concerning natural disasters like floods and wildfires . According to the National Institute of Building Sciences , every dollar spent on mitigation grants saves society six times that in future disaster costs . However , despite the benefits , widespread implementation of such measures has been slow .
While there are some positive examples , such as LeakBot , which aims to address the escape of water damage by
“ As climate change increases , the frequency and severity of extreme weather means insurers are exposed to storm damage , drought , floods and fires ”
RORY YATES CHIEF STRATEGY OFFICER , EIS