TITLE

Global Climate Change and the Insurance Industry

AUTHOR(S)
Christine, Brian
PUB. DATE
December 1993
SOURCE
Risk Management (00355593);Dec93, Vol. 40 Issue 12, p14
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article focuses on several studies that addressed the potential implications of global climate change for the insurance industry. After several years of large losses due to catastrophes, the insurance industry is beginning to examine the scientific evidence for global warming, which, if proven to be a real phenomenon, could lead to an increase in the frequency and severity of extreme weather events such as hurricane, storms, heavy rainfalls and flooding. According to Dr. Jeremy Leggett, scientific director of the climate campaign at Greenpeace International in London, England, climate change is a real and growing threat to the insurance industry, and the traditional means of limiting exposure will be only partially successful. The studies that are piquing the concern of insurers suggest that global warming or climate change is actually occurring, said Dr. Pier Vellinga, vice chairman of the Intergovernmental Panel on Climate Change (IPCC). Vellinga pointed out that the IPCC reported in 1992 that the levels of greenhouse gases, such as carbon dioxide, methane, chlorofluorocarbons and nitrous oxide, are increasing in the atmosphere. With regards to the studies linking global warming to windstorms and other destructive weather phenomena, Vellinga concluded that the scientific data currently available is not yet sufficient to establish a correlation.
ACCESSION #
14348818

 

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