New Delhi, Sept. 10 -- The climate emergency is no longer a distant threat on actuarial spreadsheets. It is reshaping how insurers calculate risk, fix prices and design products.

Insurance, once built on the assumption that yesterday's weather is a fair guide to tomorrow's, is being forced to acknowledge that the past no longer reliably predicts the future. For Indian businesses, this change matters greatly.

The insurance industry is not just a financial service; it is a barometer of risk. When premiums rise or coverage shrinks, it signals where vulnerabilities are mounting. While GST relief on some policies may aid personal insurance penetration, climate stress demands attention.

Five sectors in India are the most exposed. Agriculture...