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Posted Thu Jan 20 2011: from
Reuters:
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Climate change growing risk for insurers: industry http://apocadocs.com/s.pl?1295549232
Insurers are struggling to assess the risks from climate change, industry officials say, with the floods in Australia and Brazil highlighting the potential losses from greater extremes of weather.
Scientists say a warmer world will cause more intense drought, floods, cyclones as well as rising sea levels and the insurance industry says the number of weather-related disasters has already soared over the past several decades.... "There is still a fair amount of uncertainly as to climate change and the attribution of climate change to natural events or man-made and therefore it has not translated yet into the pricing," Yves Guerard, secretary-general of the Ottawa-based International Actuarial Association, told Reuters.... Overall losses from weather-related natural catastrophes rose by a factor of 3 in the period 1980-2009, taking inflation into account, while insured losses from such events increased by a factor of about 4 during the same period. Total insured losses from natural disasters in 2010 was $37 billion, it says.
While taking into account rising wealth, population and urbanization, "there is evidence indicating that the growing number of weather-related catastrophes most probably cannot be fully explained without climate change," the company says.
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[Read more stories about:
economic myopia, faster than expected, weather extremes]
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