IMPACT OF CLIMATE CHANGES ON THE INSURANCE MARKET

The problem of climate change is a current social problem in today's civilization. At the same time, it is an ecological problem, but also an economic, political, social, cultural, health problem, etc. It is a global environmental problem, and for this reason we are talking about global climate changes, which affectstates, nations, continents, regardless of where they are and what their degree of guilt is in creating andmaintaining these changes.The problem of climate change is not easy to define within the framework of only one science,regardless of whether it is natural or social sciences. Bearing in mind the causes and consequences of thissocial and natural problem, as well as the survival of the natural world and civilization, the question ofthe context and basis in which this problem can be thought through scientifically also naturally arises.According to all the indicators of various researches of insurance companies, the insurance sector isincreasingly involved in the management of risks related to climate change. The issue of determining thepotential short-term and long-term effects of climate change on the operations of insurance and reinsurance companies is a priority and the ultimate goal is to find measures to minimize risks and damages.That is why the insurance sector must include climate change in its risk assessment and in that wayadequately adjust its product, i.e. insurance.