Flood Insurance
Climate Change Will Raise Property Insurance Premiums Beyond Peoples’ Ability to Pay
Insurers have warned that climate change will make coverage for ordinary people unaffordable after Munich Re, the world’s largest reinsurance firm, blamed global warming for $24bn of losses in the Californian wildfires. Read the entire article at The Guardian. Ernst Rauch, Munich Re’s chief climatologist, told the Guardian that the costs could soon be […]
World’s Driest Desert Floods in Chile
The world’s driest desert is flooding and some of the planet’s wettest woodlands are burning. Welcome to summer in Chile. Read the entire article at Bloomberg. Rains high up in the Andes mountains have led to torrents of water pouring into the Atacama desert below, sweeping away houses and roads. Meanwhile in the south, blistering […]
Insurance Industry Increasingly Concerned about Climate Risks
Major insurance carrier AXA has been surveying risk professionals for five years on their key emerging risks. Climate change has always ranked high. But this year’s survey produced a stunning result: of the 1,235 risk professionals, including 1,060 AXA employees all over the globe, the percentage of respondents pointing to climate change as their key concern rocketed up […]
Climate change will get worse. These professional investors are betting on it.
A top investment strategist for JPMorgan Asset Management sent a note to clients earlier this year with a dire forecast. Despite global efforts to stop climate change, sea levels are likely to rise dramatically, threatening the 40 percent of Americans who live along the coast. There will be investment opportunities in sea walls. Read […]
Credit Downgrades Imminent for Cities Unprepared for Climate Impacts
Many U.S. coastal communities, unprepared for flooding and other effects of global warming-driven sea level rise, are heading toward an imminent downgrade of their credit unless they act quickly, a new report says. Read the entire article at Climate Liability News. The report warns that federal subsidies for rebuilding flooded properties, coupled with the […]
Taxpayers in the Hamptons Among the Most Exposed to Rising Seas
Almost no city stands to lose as much money from climate change as Southampton, New York. The affluent Long Island suburb – where the median price of a home for sale is almost $2 million – has the second highest level of its property-tax revenue at risk among municipalities with a high likelihood of chronic flooding […]
Insurance Industry Affected by Climate Change and Increasing Natural Disasters
The consequences of climate change are diverse and are affecting the insurance industry. The physical changes, in other words regional changes in weather patterns in terms of frequency and extent, are one of the consequences of great relevance to reinsurance. Extreme weather events result in high material damage to buildings and infrastructure, as well as […]
Professional Risk Management: the X Factor for Climate Change Mitigation
In their reports on extreme events during 2017, Munich Re and Swiss Re have estimated worldwide natural catastrophe losses at around $330 billion dollars, the second worst on record. Losses from weather-related disasters were the worst ever, as a result of the hurricanes which hit the United States and Caribbean. It was also a record […]
The Risk of Sea Level Rise is Chipping Away at Miami Home Values
Creeping flood waters driven by sea rise have yet to reach the doors of most homes in Miami-Dade, but research shows the looming threat from climate change is already affecting their value. And not in a good way. Read the entire article at The Miami Herald. New data from Harvard University and the University […]
Insuring Nature to Ensure a Resilient Future
What’s happening on a 60-kilometer stretch of coastline on Mexico’s Yucatan peninsula may change how the world values its coral reefs. Read the entire article at The Nature Conservancy. In 2005, Mexico’s Caribbean coast was struck by two hurricanes, causing USD$8 billion in damages and closing hotels and other businesses in Cancún long […]
