The insurance industry is one sector that has seen a direct and significant impact on its business due to climate change. Climate change has contributed to approximately 50% of all disasters, about 45% of all deaths and nearly 70% of all economic losses worldwide over a 50 year period (1970- 2019). A World Bank study estimates that every year 26 million individuals are impoverished due to natural catastrophes (NatCat) and the economic loss due to these catastrophes is about USD 300 billion per year.