Insurers Aren't So Worried About Climate Change That They're Preparing for It
There are few industries more exposed to financial risk from climate change than insurance.Full Story
#1 May 15, 2013
From the article: Of the 184 companies surveyed, only 23 had comprehensive plans to address climate change.(Included in that 23: Munich Re.) While the threat of effects on revenue was cited by more than half of the companies as a reason to consider developing a climate change policy, well less than half thought climate change posed much of a risk. Forty-seven percent of the insurers "viewed climate change as a potential future loss driver, even though scientific assessments such as the recent IPCC Extreme Events report and draft National Climate Assessment emphasize that climate change is already amplifying extreme events that lead to insured losses."
Thought you should know.
#2 May 16, 2013
Why should they worry? They can always increase premiums. The only effect will be that fewer people will be able to afford insurance and so the costs will be born by the individuals affected.
The insurance industry is a bit crazy anyways. Build on a flood plain and then get flood insurance? The premiums HAVE to be more than the losses. That is why Insurance Companies are a good stock option. Crazy? Maybe. They certainly have departed from their legitimate role as protection against 'acts of god' and rare, impossible to predict dangers.
#3 May 16, 2013
The proof of the pudding is @ New Orleans. I have not visited personally, but others have conveyed; it is reduced in size ... due to insurance problems.
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