A new report from the non-profit research organization Climate Central suggests that millions of U.S. citizens are at risk of coastal flooding. The report posits that changes in the climate will result in storm surges and rising sea levels. Rising water could put nearly 5 million Americans at danger of floods by 2030. The report indicates that by 2050, flooding caused by rising sea levels will be much more widespread. This could cause serious problems for the insurance industry that has been battling a higher frequency of natural disasters over…
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Investors call for private sector to mobilize against climate change
Despite controversy, the issue of climate change is gaining serious momentum with various industries. During a session of the United Nations last week, a group of investors with a collective $26 trillion under management, took a stand on the issue, claiming that the private sector needs to be more involved in protecting the environment and that no singular government can solve the problem. The collective group is comprised of insurance professionals, government officials and business leaders from all over the world. Few governments have taken the issue of climate change…
Read MoreClimate change becoming a major focus for the global insurance industry, according to Munich Re
Last year has garnered major notoriety for the number and severity of natural disasters it played host to. 2011 has become widely recognized in the insurance industry as the costliest year in recent history in regards to natural disasters. While estimates varying regarding the total cost of disasters, Munich Re, a reinsurance and risk modeling organization, claims that 2011 generated more than $380 billion in worldwide insured losses, only a third of which was paid by insurance companies. The disasters have caused the global insurance industry to raise prices, but…
Read MoreHealth insurers eye climate change as a major concern for the future
Climate change is often a controversial issue, especially when the federal government is concerned. The insurance industry, however, is beginning to take the matter more seriously, as a new report shows that purely environmental factors may be causing the high costs seen in the health care system. The report comes from the Natural Resources Defense Council, an international environmental advocacy group based in New York. The report suggests that natural disasters that have struck the U.S. in the past decade may be having a significant impact on the health of…
Read MoreAgriculture groups seek more protections against severe weather with insurance safety net
Extreme weather is presenting a unique and complicated problem to the nation’s farmers. With many decrying climate change as a scientific impossibility, famers have been left handling the issue of uncommonly severe weather without a place to put the blame. In fact, most farmers do not even mention climate change when discussing the issue, focusing their concerns more on the protection of their crops and mitigating any losses they experience. This has led to a rampant increase in demand for crop insurance throughout the nation. Crop insurance can help farmers…
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