Unless climate change slows, insurers warn, years like 2005, when their catastrophe bill topped $80 billion, could become the norm, with premiums for those in disaster-prone areas soaring, and some regions becoming uninsurable.You know when the insurance industry gets involved that it's something to take seriously.
But insurers have been criticised for not doing enough to encourage their clients to be more environmentally friendly.
"It is in the industry's best interests ... to seize this moment to act on what is likely to become the greatest risk the industry has ever faced," concluded a recent report by Ceres, a powerful coalition of American investors, environmental groups and other public interest organisations.
Tuesday, September 05, 2006
Follow the insurance money
From Reuters (Sept 5) [emphasis mine]: