Posted by: carboncreditsusa | December 31, 2008

Insurance Companies To Campaign For Global Climate Change Policies As “Natural Catastrophes” Will Result In Increased Losses; 2008 Was 3rd Most Expensive Year For Insurance Losses

“Climate change has already started and is very probably contributing to increasingly frequent weather extremes and ensuing natural catastrophes,” said Torsten Jeworrek, a member of the board of management at Munich Re. “These, in turn, generate greater and greater losses because the concentration of values in exposed areas, like regions on the coast, is also increasing further throughout the world”…

This week one of the biggest companies, Munich Re, a reinsurance group, renewed that campaign with a warning that natural catastrophes — apparently driven by climate change — are increasing in frequency, and it called for an international plan to halve emissions by 2050.

This year, adjusted for inflation, was the third most expensive year on record, exceeded only by 2005, the year of Hurricane Katrina, and by 1995, the year of the Kobe earthquake

Earlier this year, a climate consultancy, Ecofys, carried out a study on behalf of environmental organization WWF and the insurance company Allianz, warning that none of the G8 countries — Canada, France, Germany, Italy, Japan, Russia, Britain and the United States — appeared to be on target to reduce greenhouse gas emissions enough to avoid the risk of catastrophic climate change.

Munich Re, in its press release this week, said it was doing a great deal to help promote a cleaner, less catastrophe-prone world — including promoting renewable energy technologies to help secure affordable coverage for ambitious and hazardous projects, such as offshore wind farms.

The company also said it was cooperating with Nicholas Stern, the noted British economist, to push research forward on the economic impacts of climate change.

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