Impact of climate change and extreme weather events on global economy

The rise of extreme weather conditions is posing harm to businesses who may not be financial prepared. In 2020, extreme weather cost the insurance industry over $70 billion, according to The Demex Group. Stephen Bennett, co-founder and chief product officer of The Demex Group and chairman of the American Meteorological Society’s Committee on Financial Weather and Climate Risk, joins CBSN’s Lana Zak with more on how businesses can prepare for these potential risks.