Thursday, January 28, 2010

Munich Re knows climate change risk.

Don't know what kind of climate change denial insurers are slinging across Texas bayous, but the CEO of Munich Re, the world’s largest reinsurer, sure doesn't have his head stuck in the barrier island sand.
Climate change is a fact, and it is almost entirely made by man. It is jointly responsible for the rise in severe weather-related natural disasters, since the weather machine is “running in top gear”. The figures speak for themselves: according to data gathered by Munich Re, weather-related natural catastrophes have produced US$ 1,600bn in total losses since 1980, and climate change is definitely a significant contributing factor. We assume that the annual loss amount attributable to climate change is already in the low double-digit billion euro range. And the figure is bound to rise dramatically in future.
And if we don't get it together, climate catastrophe is just around the corner.
We need a strict climate agreement, and we need it fast. Climate change is a global problem and a challenge for humankind. If the players do nothing but pursue their national interests, we are headed for a climate catastrophe.
And Munich Re ain't no lonely voice crying in the wilderness.
Insurance companies, acutely aware of the dramatic increase in losses caused by natural disasters in recent decades, have been convinced that global warming is partly to blame. Now their data seem to be persuading scientists, too. At a recent meeting of climate and insurance experts, delegates reached a cautious consensus: climate change is helping to drive the upward trend in catastrophes. Insurers' disaster files suggest climate is culprit
As the United States Global Change Research Project has found, infrastructure & property in South Texas & along the gulf are especially vulnerable to ever rising sea levels & more powerful storm surges. KEY FINDING: Widespread climate-related impacts are occurring now and are expected to increase.
6. Coastal areas are at increasing risk from sea-level rise and storm surge. Sea-level rise and storm surge place many U.S. coastal areas at increasing risk of erosion and flooding, especially along the Atlantic and Gulf Coasts.... Energy and transportation infrastructure and other property in coastal areas are very likely to be adversely affected. USGCRP) Scientific Assessments - Key Findings

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