There is worry in the insurance industry that “rolling disasters” may become the new normal, the effects of climate change that many scientists believe have resulted in dryer conditions in the west coast and more intense hurricanes in the east coast. “Climate change is a great concern to the art insurance industry, particularly because of the hurricanes we are seeing,” Quinn said. Both AXA and Chubb are active in promoting research in climate change, recognizing that catastrophic natural events may prove to be an annual occurrence.
Insurers are concerned especially over works of art in private homes.
Insurers in areas such as California may seek to limit their risks. The extent of the damage in regions of California affected by the recent wildfires, for instance, may well increase the cost and limit the availability of fine art insurance.
See:
“As Natural Disasters Loom, What You Should Know About Insuring Your Art” | Daniel Grant, The Observer, 18 January 2018
#art #artmarket #collections #collectionsmanagement #insurance #fineartinsurance #climaterisk #risk #riskmanagement #fire #wildfire #hurricanes #flooding #risingseas #luxury #smartluxury #resilience #realestate #CO2 #H2O