• About
    • Which Energy Mix is this?
  • Climate News Network Archive
  • Contact
The climate news that makes a difference.
No Result
View All Result
The Energy Mix
  • Canada
  • Fossil Fuels
  • Ending Emissions
  • Cities & Communities
  • Electric Mobility
  • Heat & Power
  • Community Climate Finance
SUBSCRIBE
DONATE
  • Canada
  • Fossil Fuels
  • Ending Emissions
  • Cities & Communities
  • Electric Mobility
  • Heat & Power
  • Community Climate Finance
SUBSCRIBE
DONATE
No Result
View All Result
The Energy Mix
No Result
View All Result
  • Canada
  • Fossil Fuels
  • Ending Emissions
  • Cities & Communities
  • Electric Mobility
  • Heat & Power
  • Community Climate Finance
  FEATURED
BREAKING: Don’t Attend COP 28 Unless You’re There to Help, Figueres Tells Oil and Gas September 21, 2023
Thorold Gas Peaker Plant Won’t Be Built After Unanimous City Council Vote September 20, 2023
Indoor Heat Leaves Canadians Unsafe with ‘No Escape’, CBC Investigation Finds September 20, 2023
Agrivoltaics a Win-Win for Farmers, Communities, Solar Developers, and Alberta’s UCP September 20, 2023
‘Beginning of the End’ for Oil and Gas as IEA Predicts Pre-2030 Peak September 19, 2023
Next
Prev

Insurers given severe weather warning

June 27, 2013
Reading time: 2 minutes
Primary Author: Kieran Cooke

 

FOR IMMEDIATE RELEASE The rise in extreme weather events driven by warming of the oceans has led analysts in the global insurance industry to issue a warning that the sector risks being hit by waves of costly claims unless it starts pressurising governments to take action on greenhouse gas emissions LONDON, June 28 − The global insurance industry’s own analysts warn that it faces potentially serious financial losses unless it plays an active role in urging governments to address climate-change factors such as greenhouse gas emissions. The Geneva Association, a leading international insurance thinktank that examines trends in the global insurance industry, has published a report this week that identifies “a significant upward trend in the insured losses caused by extreme weather events”. It warns that changes in climate mean insurance companies have entered a new, highly uncertain era, and must adapt to what it calls a “new normal” in assessing risks and setting pricing policies. Traditional ways of assessing such risks, based solely on analysing historical data, are “increasingly failing”. The report, Warming of the Oceans and Implications for the (Re)insurance Industry, says the world’s oceans have been warming significantly as the result of rising greenhouse gas emissions − and it is this warming that is the key driver of global extreme events.

Ocean dynamics

“Understanding the changes in ocean dynamics and the complex interactions between the ocean and the atmosphere is the key to understanding current changes in the distribution, frequency and intensity of global extreme events relevant to the insurance industry − such as tropical cyclones, flash floods or extra-tropical storms,” the report says. The warming of the oceans means an “increased loss potential” for the insurance industry, the report says. It’s uncertain how the risk associated with the warming of the oceans and changes in climate will develop over time, but the report’s authors advocate moving from traditional data-based ways of assessing such risks to what they call predictive risk estimation methods, based on various modelling techniques. Such forecasting techniques are by no means perfect and can often give rise to  more uncertainties − although this does not mean they are not useful or scientifically sound. “It rather reflects the limits of the scientific understanding and the ability to predict extreme events in a chaotic system,” the report says.

  • Concise headlines. Original content. Timely news and views from a select group of opinion leaders. Special extras.
  • Everything you need, nothing you don’t.
  • The Weekender: The climate news you need.
Subscribe
Increased risk

The report’s authors issue a stark warning about insurance-related problems in parts of the world that are seeing increasing levels of risk matched with growing  demands for insurance, and, at the same time, decreasing levels of self-protection. Such areas might be uninsurable, the report says. “Examples for markets with this potential are UK flood or Florida wind storm insurance.” The only way to make sure such regions remain insurable is immediately to put in place risk-mitigation measures says the report. The insurance industry should distribute high-quality information about risk associated with climate change, and should encourage adaptation through innovative product design. The report concludes: “These actions, alongside the support of science in tackling the major challenges in projecting the impacts of ocean warming and climate change more generally, will help the insurance industry avoid market failures and increase societal resilience.” – Climate News Network



in Climate News Network

The latest climate news and analysis, direct to your inbox

Subscribe

Related Posts

moerschy / Pixabay
Biodiversity & Habitat

Planetary Weight Study Shows Humans Taking Most of Earth’s Resources

March 19, 2023
53
U.S. Geological Survey/wikimedia commons
Biodiversity & Habitat

Climate Change Amplifies Risk of ‘Insect Apocalypse’

December 1, 2022
67
Alaa Abd El-Fatah/wikimedia commons
COP Conferences

Rights Abuses, Intrusive Conference App Put Egypt Under Spotlight as COP 27 Host

November 14, 2022
34

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Trending Stories

UN Climate Change/flickr

BREAKING: Don’t Attend COP 28 Unless You’re There to Help, Figueres Tells Oil and Gas

September 21, 2023
203
Jon Sullivan/flickr

Thorold Gas Peaker Plant Won’t Be Built After Unanimous City Council Vote

September 21, 2023
517
Asurnipal/wikimedia commons

Agrivoltaics a Win-Win for Farmers, Communities, Solar Developers, and Alberta’s UCP

September 20, 2023
108
Cullen328/wikimedia commons

Manufactured Housing Could Dent the Affordable Housing Crunch with Energy-Efficient Designs

September 20, 2023
81
Mr Renewables/Wikipedia

Californians Fight for New Community Solar Plan

September 20, 2023
80
Kristoferb/Wikimedia Commons

Canadians Could Save $10.4B, Cut Climate Pollution by Replacing Central Air with Heat Pumps

August 28, 2023
669

Recent Posts

Rewat Wannasuk/Pexels

Virtual Power Plants Could Cut Peak Demand 20%, Save U.S. Grid $10B Per Year

September 20, 2023
66
Jeremy Bezanger/Unsplash

Indoor Heat Leaves Canadians Unsafe with ‘No Escape’, CBC Investigation Finds

September 20, 2023
32
Wesley Fryer/flickr

Smart Thermostats Boost Grid Stability Amid Intense Heat

September 20, 2023
31
Plug'n Drive/Wikimedia Commons

Rural Carshares Ensure EV Push Leaves No One Behind

September 20, 2023
24
/Piqusels

‘Beginning of the End’ for Oil and Gas as IEA Predicts Pre-2030 Peak

September 19, 2023
405
Clean Creatives

‘Turning Point’ for PR Industry as Clean Creatives Targets Fossil Industry Contracts

September 19, 2023
256
Next Post

Cattle weight loss means slimmer profits

The Energy Mix - The climate news you need

Copyright 2023 © Energy Mix Productions Inc. All rights reserved.

  • About
  • Contact
  • Privacy Policy and Copyright
  • Cookie Policy

Proudly partnering with…

scf_withtagline
The Energy Mix - Energy Central
No Result
View All Result
  • Canada
  • Fossil Fuels
  • Ending Emissions
  • Cities & Communities
  • Electric Mobility
  • Heat & Power
  • Community Climate Finance

Copyright 2022 © Smarter Shift Inc. and Energy Mix Productions Inc. All rights reserved.

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}