Antinuclear

Insurance industry demaning action on Climate Change

What Copenhagen means for insurers Business Spectator, by John Heath7 Dec 2009  Because of the turmoil in the federal Liberal Party climate change is back on the agenda for Australian citizens. But who notices any possible effect on insurance? As much as I am sceptical about the climate change meeting in Copenhagen because I fear it is another meeting of poseurs, a huge, greater intelligent and more powerful force than many institutions in Australia – Munich Re – is demanding a result from global political leaders in the Danish capital.
In a new look at ‘The challenge of the 21st century’, Munich Re’s profoundly researched data shows climate change is having a visible impact on natural catastrophe losses.

The global reinsurer uses the data to enforce its demand that, “the world climate summit in Copenhagen must lay down the main cornerstones for an agreement.”

Its fact sheet says: “Global warming is real.” When we go through the information that comes to us from insurance companies such as Munich Re, Swiss Re, Allianz and global broking houses with the same warnings, you have to start believing “this is serious”.

When an organisation like Munich Re with global investments amounting to €175 billion (about A$287 billion) makes such assertions I feel this is more than a time for political wrangling…………..Insurance is concerned and is doing its best for mitigation of the exposures that are coming with climate change………….Add loss of income due to loss or damage in transit or other reasons, then every business in the world has exposures increased by climate change – the risk to viability is serious.

Business Spectator – What Copenhagen means for insurers – Blog – John Heath

December 7, 2009 - Posted by Christina Macpherson | 1