Effect Of Climate Change On Property And Liability Insurance

Abstract

The life-threatening changes in the climate have led to serious global problems which is associated with higher temperatures currently experienced across the globe. The insurance industry globally is affected by the effects from climate changes as they provide compensations for losses associated with this. This study examined the effect of climate change on property and liability insurance. The descriptive survey research design was adopted for this study and the sampling technique adopted for the study was purposive sampling. A total of 150 copies of questionnaires were administered to respondents in the selected companies but 107 were received as completed. These received completed questionnaires were used for the data analysis. The results revealed that climate change has significant impact on the insurance of property and liabilities in the Nigerian insurance industry.