Soaring global temperatures may make large parts of the world “un-insurable,” according to Spain’s largest insurance firm. Climate change “has the potential of changing the insurance business profoundly and making parts of the world un-insurable,” Gonzalo Gortazar, CaixaBank SA’s Chief Executive Officer, said in an interview with Bloomberg TV on Friday. Temperatures in the Spanish region of Catalonia, where CaixaBank is headquartered, hit a historic high earlier in the month as a heat wave engulfed large parts of the Mediterranean. Rising temperatures are disrupting economic activity and daily life across the globe, sapping crops, drying rivers and raising sea levels. Aside from being Spain’s largest bank, CaixaBank is also the biggest insurer, offering a front-row view into the economic impact of climate change.

Source: The Hindu July 29, 2023 12:39 UTC