Insurance organization attends Rio+20 to note the threat of climate change
The global insurance industry is beginning to take climate change more seriously. As large insurance corporations begin to see the effects of a changing climate taking place, they are looking to draw more attention to the possible consequences of slow action to mitigate the phenomenon. Lloyd’s of London, one of the world’s largest insurance organizations, attended this year’s Rio+20 conference. The conference, hosted by the United Nations, sought to promote cooperation amongst world leaders for the sake of sustainability and clean energy. During the event, Lloyd’s painted a turbulent future with much of the world affected by the impact of climate change.
Floods and powerful hurricanes could become catastrophic events in the future
During the conference, Lloyd’s officials detailed a number of the most significant threats the insurer has identified. The insurer noted that floods were expected to become a widespread problem due to arctic warming and glacial melting. Lloyd’s expects the frequency of powerful hurricanes is to increase as climate change begins to become a more prominent force in the world. These hurricanes will cause additional flooding as well as devastate entire cities before they manage to lose strength and dissipate.
Widespread drought could bode ill for the world’s already dwindling water supply
While floods and hurricanes are likely to be a problem for some parts of the world, long-lasting heat waves are expected to grip other regions. The heat waves themselves are expected to put a strain on the health of older generations and cause widespread drought. Droughts will, in turn, put strain on a country’s resources, especially in regards to water. Lloyd’s notes that the world’s demand for water has more than tripled over the past five decades, with more than half of the world’s population living in areas where the availability of clean water is on the decline.
Climate change expected to be a catastrophe unless action is taken
Climate change is cited as the primary culprit for the possible future’s troubles. Lloyd’s notes that many of its predicted scenarios could happen within the next century or sooner depending on how world leader respond to the threat of climate change. As an insurance organization, Lloyd’s expects that the insurance landscape will look drastically different if climate change is allowed to take its toll.