Re-insurers call on Senators to take action against Climate Change

[ErikJ]

Good timing!!


“From our industry’s perspective, the footprints of climate change are around us and the trend of increasing damage to property and threat to lives is clear,” said Franklin Nutter, president of the Reinsurance Association of America. “We need a national policy related to climate and weather.”

Property and casualty insurers in the United States experienced an estimated $44 billion in losses last year when hurricanes, droughts, tornadoes and other natural disasters were more severe, longer, more frequent and less predictable than in the past.

According to Swiss Re, the average weather-related insurance industry loss in the U.S. was about $3 billion a year in the 1980s compared to approximately $20 billion annually by the end of the past decade.

“As a member of the global insurance industry, we have witnessed the increased impact of weather-related events on our industry and around the world,” said Mark Way, head of Swiss Re's sustainability and climate change activities in the Americas. “A warming climate will only add to this trend of increasing losses, which is why action is needed now.”

http://www.insurancenetworking.com/news/insurance-climate-change-risk-ceres-30007-1.html

[Old and In the Way]

1. Republicans will have to check with Limbaugh and O'Reilly to see if they finally react

to the obvious. Now that economic underwriters are starting to weigh in, I wonder how long the Imhofe's et al will continue to deny what we can all clearly see as fact?

[EC]

2. So are they asking for trying to really solve

or eleviate the problem or are they asking for limits in liabilities?

[ErikJ]

4. THis from todays Huff Post--theyre trying to alleviate the cause by cutting GH gases

On Capitol Hill yesterday, major re-insurers -- companies that insure insurance companies, thereby making make it possible for families and communities to recover from natural disasters -- drew a grim picture of increasing floods, droughts, severe storms and other weather disasters. Invited by a group of senators advocating responsible action, the insurance leaders called for our country that has long led the world in producing greenhouse gases to take the lead in tackling climate change. The insurers joined Sens. Bernie Sanders (I-Vt.) and Sheldon Whitehouse (D-R.I.) at a press conference to discuss the mounting financial impact of global warming.

"Perhaps no industry better understands the impact of global warming than the insurance industry whose job it is to analyze risk," Sanders said. "I am pleased leaders in that industry are speaking out about the need to reverse global warming."

http://www.huffingtonpost.com/mindy-s-lubber/insurers-brace-for-stormy_b_1314284.html

[tech3149]

3. It was like ten years ago that insurance companies were raising a stink

They saw that their ass and profits were on the line. Now the Re insurance companies are waking up?
Seriously, just go home and die.

[The Doctor.]

5. LMAO! I can't believe I didn't predict this!

It's so bloody obvious!

I knew a while ago that the insurance industry was starting to worry about climate change. It totally slipped my mind that they might start lobbying congress to put the brakes on it.

Here's the fun part: As the changes get worse (holy shit, this year is a killer already!), the reinsurance industry is going to start driving up rates which will drive rates on insurance companies which will drive rates on all industries. They may be the pressure we need in order to realize we have to start properly managing the planet.

Unfortunately, we're looking at a 'too little too late' scenario.

[groundloop]

6. It's ironic that Repukes may fianally start to listen because of MONEY

Scientists have been telling us for years what's going to happen, and that we need to reduce greenhouse emissions etc. and the repukes turned their backs. Now maybe they'll crawl out from under their rock when a multi-billion dollar "industry" might start losing profits.