.jpg)
When insurance giants listed “climate change” as their biggest concern in a recent survey, they probably didn’t expect the headache that protests against climate change would bring.
What happened: Recent attacks on some of the world's most valuable paintings, from van Gogh's "Sunflowers" in London’s National Gallery to Gustav Klimt's "Death and Life" in Vienna’s Leopold Museum by climate change activists, have left insurers’ on their toes.
- Activists have scribbled over or thrown various liquids (canned soup has been a top pick) at pieces kept behind glass or screens, causing only "minor damage" to frames.
- Still, the acts have led to higher art insurance costs. The artist ANTOINETTE told Reuters her premiums would rise 12.5% next year, up from a usual 3%-5% bump.
Zoom out: The art market is just the latest to see its insurance premiums jump because of climate change (and the activism it has inspired).
- With average annual severe weather claims projected to double over the next 10 years, costs are already being passed on to consumers through higher insurance premiums for businesses and homes.
Bottom line: As the risks of damages by natural disasters rise across the board, insurance companies–and insurance holders–will have to brace for higher costs across the board.