From where you sit, what is climate change doing to the fundamentals of insurance?

It's a big opening first question.

Probably not one that's easy to answer in a nice, succinct sentence.

But in some ways, it's massively changing it.

And in others, you wouldn't notice it was happening.

It's an interesting dynamic in the world of insurance because there's a fundamental part of insurance where most insurance policies are written on a one-year basis.

So each year, an insurer re-looks at its risk and its portfolio and then re-evaluates that next year.

Who backstops flood relief? Who does the book stop with?