Insurers sound the alarm on climate change

[RamboLiberal]

http://news.ft.com/cms/s/84370f42-e7f8-11d9-9786-00000e2511c8.html

The cost worldwide of storms, expected to become more frequent owing to climate change, is likely to rise by two-thirds to £15bn ($27bn, €22bn) a year in the next seven decades, the Association of British Insurers will warn on Wednesday.

Nick Starling, the ABI's director of general insurance, urged the leaders of the Group of Eight industrialised nations to take action on greenhouse gas emissions when they meet to discuss climate change next week.

“Governments now have a chance to make rational choices for the future, before it is too late,” he said. Making the right decisions based on assessment of the costs of climate change “will ensure lower costs for the public in future”.

By 2040, the average annual cost of hurricanes in the US alone would rise from $9.5bn to $11.4bn. In a bad year, hurricanes in the US would cost $71bn in the 2040s and $104bn in insured costs alone.

[converted_democrat]

1. I live in Florida......

If our home is damaged or destroyed by a hurricane we have to pay a 25% deductible. It's outrageous. We have to pay out the nose for nothing.

[Tweed]

9. Then don't live in Florida?

Maybe that's too simple? :shrug:

[converted_democrat]

10. We can't leave......

Our house is protected from creditors under the homestead act. I have medical bills due to Lupus, and can't afford treatment. The only way to keep my families home is to stay here under the homestead law. Otherwise we would be homeless.

[Double T]

2. This will have a devastating affect on insurance rates and......

the quality of life on this planet. Over population and continuing to ignore the environment of this planet will lead to the ultimate demise of life as we know it.

[leesa]

3. So they believe in climate change just enough to raise the

insurance premiums.

[mom cat]

4. But not enough to pressure Bush to back Kyoto.

[murray hill farm]

5. So....i guess this makes it real...

if ins companies are saying this...no denying it any more..no more pretending it isnt happening..so, in a sense..this is a good thing.

[Toots]

6. Most insurers are not allowing "Acts of God" coverage anyway

There are getting to be fewer and fewer insurance companies that will insure for flood or wind damage especailly if you live in a flood zone or Hurricane or Twister zone. Only fire and theft seem to be allowed anymore. Insurance is such a racket....

[donkeyotay]

7. That's what I thought. Worried enough to raise premiums

but not worried about their offshore banks staying above water. You'd have thought they would have lost money on 9/11, but like so many other bush supporters, they have actually benefited.

I wonder if Bush, the CEO President, has ever heard of opportunity costs? While we're stuck in his quagmire in Iraq, there are other important things that are being neglected because there is no time, energy or money for them.

[Massachusetts]

8. "Insurers sound the alarm on climate change"

Who is the REAL enemy to Americans?

Answer: The Corporate Pigs. Wake up America.