Insurance Not Enough To Offset Finanicial Risks Of Climate Change, Analysts Say

[hatrack]

EDIT

For disasters, "there's always been an assumption we have insurance for that", said Lowe, whose firm contributed to the reports by ClimateWise, an initiative of the University of Cambridge Institute for Sustainability Leadership that aims to better disclose and respond to climate-related insurance risks.

With those risks growing - particularly as heat-trapping emissions continue to rise — traditional methods of dealing with them may not be enough as the world tracks toward 2 degrees Celsius or more of global warming, the twin reports warn. "If indeed people think we're headed on that path (past 2C), it's going to be a hugely difficult task for the financial system to manage," Mr Lowe predicted.

Over the next 30 years, the risks from heatwaves, storm surges and floods will increase substantially because of warming already underway, the physical threats report noted.

In Britain, that could lead to higher flood insurance premiums and people more often made homeless by floods, as well as greater investment by cities and towns in flood defences. That homeowners understand changing flood risks and will respond adequately to them "is probably a generous assumption", Mr Lowe said. But even for those who do grasp the shift, simply boosting insurance coverage is unlikely to be an answer, he said.


EDIT

https://www.todayonline.com/world/insurance-not-enough-offset-financial-risks-climate-change-analysts-say

[ThoughtProvoker]

1. Science Deniers...

May be America's downfall.

Climate science is as proven as gravity, if not more so. It has to be accepted. It's not optional.