财险行业：气候变化导致更严重保险损失；再保险人风险最大.docxVIP

Property Casualty Insurance Climate Change Contributing to More Severe Cats and Insured Losses; Reinsurers Most Exposed Rising weather-related losses present a threat to the PC insurance sector, and we believe that reinsurers are the most exposed to the trend. The PC sector has historically been considered relatively defensive within financial services given its below-average exposure to macro factors such as interest rates, the equity market, and credit conditions. However, returns for the PC sector have declined over time, partly due to increasing cat-related l