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Posted Mon Jun 27 2011: from New Zealand Herald, thru DesdemonaDespair:
Insurance industry facing a climate of fear
For an industry whose survival means managing risk, these are challenging times. Nations which are focused on their economic problems have barely begun to contemplate how they will deal with the scientists' scenario of a warming planet. Yet insurers must calculate their exposure as our assumptions - that homes will be safe, food will be secure and infrastructure will work - are tested by ever more common "Hundred Year" weather disasters, a change that reinsurer Swiss Re calls the "new normal".... Trying to get a handle on this new normal means taking climate science very seriously. And the news is not good. Last month the International Energy Agency said carbon dioxide (CO2) emissions rose by a record 31 billion tonnes last year, making it more likely that the temperature rise this century would exceed 2C, unleashing runaway global warming and apocalyptic changes, including famine.... "Many of the risks posed by climate change will become uninsurable," predicts Mills. Insurance survives by identifying risks in advance. But climate change is a new ballgame, both in scale and weather volatility. Insurers could also risk losses from liability suits brought against customers who are blamed for fuelling climate change - a fossil fuel company, for example.
[Read more stories about: economic myopia, climate impacts, weather extremes]

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'Doc Michael says:
There are actuarial tables for an apocalypse?

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