business π₯ Himalayan infra insurance costs set to rise
Climate change is driving up insurance expenses for Himalayan infrastructure due to more frequent floods and landslides. The August 26 Nepal disaster prompted insurers to assess regional risk impacts seriously. Following the 2023 Sikkim GLOF, road and bridge insurance rates already jumped by about 21%. These rising costs depend on reinsurance availability against recent and past calamities. Alternative products like parametric insurance might become more relevant moving forward. π₯