The insurance industrie has natural interests to limit consequences of Climate Change and Global Warming.
Private insurer losses from Hurricane Katrina for damaged, destroyed, or flooded homes and businesses, and for offshore oil and gas platforms that were either damaged, lost or missing and presumed sunk in the Gulf of Mexico, are estimated to be in the range of $40 to $60 billion.
Lord Peter Levene spoke yesterday to the World Affairs Council at the National Press Club in Washington.
Some quotes from his speech ‘Catastrophe trends and climate change: A global insurer’s perspective’:
We live in challenging times. Conflict in the Middle East. Drought in Africa. Terrorism threats to our major cities and airports. Global trade strains. Fifty-dollar barrels of oil. Like much of the policymaking establishment in Washington these days, insurers are paid to worry. And there is no shortage of issues to chew over.
But in recent months I have begun to wonder whether these sizeable dilemmas will, in generation or two, prove minor in comparison to the threat posed by natural catastrophe trends. … (more…)