Risks too big for insurers feed a market boom

It’s the latest sign that climate change is upending the norms that underpin how markets function, as the economic cost of covering its fallout balloons. — Bloomberg

New York: As the market for in-house insurance surpasses a record US$200bil, the underlying reasons for that boom show how a hotter, less stable planet is redrawing the risk map for corporations.

Captive insurance, where companies create their own coverage vehicles, is on the rise, according to insurance broker Aon Plc.