The P/C insurance industry incurred $18 billion in losses from weather-related natural catastrophes in the first nine months of this year, according to Munich Re. The firm noted that the cost of weather-related disasters has increased over the years, a trend it attributes to climate change. "The view that weather extremes are more frequent and intense due to global warming coincides with the current state of scientific knowledge as set out in the Fourth IPCC [Intergovernmental Panel on Climate Change] Assessment Report," the reinsurance firm noted.

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