Tag: global warming

Is the federal crop insurance program keeping up with climate change?

Logan B.
Crop insurance - A person touching wheat

Few changes have been made in the program despite rising risks associated with global warming. Risk has always been a part of farming, particularly due to its dependence on the weather in any given season or year, and crop insurance has become a key part of the survival of many farms across the United States. That said, risks associated with weather have been changing, but the program has altered very little. The massive federal crop insurance program has helped farmers to ensure their businesses survive in times of flooding, drought,…

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Impact of climate change to make insurance prohibitively expensive, says Munich Re

Julie Campbell
Impact of Climate Change - Damage House

The largest reinsurance company in the world has cautioned that most people won’t afford coverage soon. For several years, insurance companies have been warning that the impact of climate change will be an expensive one. Munich Re, the largest reinsurance company in the world, is now warning that global warming will make insurance too expensive for most people. The reinsurer has already blamed climate change for $24 billion in California wildfire losses. Munich Re chief climatologist, Ernst Rauch, explained in a recent Guardian report that it won’t be long before…

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Insurance industry calculations required to change due to climate change impact

H. Cutner
Insurance industry calculations - Global Warming

Insurers have become the front line of the unpredictability linked with the Earth’s rapid warming. Insurance industry calculations are being forced to change as a result of the impact of climate change on the risks facing multiple sectors. Due to the nature of the business, insurance companies are among the first to face these issues. Measurably increasing rates of natural disasters are raising the number of claims and the size of those insurance claims to property, business, and auto insurers. Storms such as hurricanes and tornadoes, as well as droughts…

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Insurance companies to feel climate change effects most, but aren’t investing that way

Julie Campbell
Climate Change effects - Hands - globe - world

Insurers will be hit hardest by rising global temperatures, but their investments aren’t low-carbon. The insurance industry will feel climate change effects more powerfully than most other industries. That said, a new Forbes report suggests insurers are failing to invest into the low-carbon economy. The insurance sector is most threatened by droughts, floods, extreme heat and severe storms. However, the report shows that climate change effects don’t appear to be enough motivation to change investing habits. These firms are some of the largest investors in the world and stand to…

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Climate change may have a higher economic impact than previously believed

Nordstrom
climate change city smog urban heat island effect

The damage rising global temperatures is causing may become much more expensive than predicted. A recently published report has placed the spotlight on the “urban heat island” effect of climate change. This effect was detailed in the Nature Climate Change journal, revealing that urban centers will see a considerably greater expense from global warming. The report was based on an analysis of 1,692 cities around the world and the impact changing temperatures will have. The analysis determined that the economic impact of climate change may be 2.6 times greater than…

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