THE PARAMETRIC INSURANCE. CLIMATE CHANGES AND THEIR IMPACT ON THE INSURANCE INDUSTRY

The insurance industry is an innovative one, constantly moving, because the economic and social environment is also constantly changing. The eight billion inhabitants demand a lot from our planet, which makes efforts to be able to support them; they put enormous pressure on life and living conditions. Nature has changed its behavior. When a series of natural events reach certain parameters, they lead to climate changes and trigger damages (even catastrophes). Thus the insurance industry is seriously activated. Between climate and weather there are both semantic and structural differences. Climate is defined as the totality of prevailing weather conditions, and weather is what we feel daily, in the short term, days or even hours.