Thursday, January 26, 2006
New Ceres Report Warns of Rising Threat to U.S. Insurers and their Customers from Climate Change
From the report of 9/05
he evidence, the report details, is spread throughout the U.S., including:
In Texas, homeowners saw their premiums double after skyrocketing water-related mold claims - $3 billion in 2002 - caused dozens of insurers to stop writing or renewing homeowners policies. Mold exclusions are now commonplace in many U.S. states.
In Florida, last year's wave of hurricanes prompted seven private insurers to stop writing new homeowners policies this year or to exit the market completely, even after they'd won substantial rate increases. Meanwhile, a new state-run insurance company has become Florida's second largest insurance provider, and last year it incurred about $2.5 billion of losses from the hurricanes.
In the Midwest, crop insurance losses have grown 10-fold in recent decades and many states are currently facing a prolonged drought that has many counties being declared agricultural disaster areas.
In the West, the average wildfire is twice as damaging compared to the 1970s, and a new study projects that wildfire damage in parts of California will quadruple in the coming years due to warmer temperatures and stronger winds as a result of climate change.
Thanks to calvin at www.climatechangeaction.blogspot.com for bringing this to my attention.
More at: www.ceres.org
he evidence, the report details, is spread throughout the U.S., including:
In Texas, homeowners saw their premiums double after skyrocketing water-related mold claims - $3 billion in 2002 - caused dozens of insurers to stop writing or renewing homeowners policies. Mold exclusions are now commonplace in many U.S. states.
In Florida, last year's wave of hurricanes prompted seven private insurers to stop writing new homeowners policies this year or to exit the market completely, even after they'd won substantial rate increases. Meanwhile, a new state-run insurance company has become Florida's second largest insurance provider, and last year it incurred about $2.5 billion of losses from the hurricanes.
In the Midwest, crop insurance losses have grown 10-fold in recent decades and many states are currently facing a prolonged drought that has many counties being declared agricultural disaster areas.
In the West, the average wildfire is twice as damaging compared to the 1970s, and a new study projects that wildfire damage in parts of California will quadruple in the coming years due to warmer temperatures and stronger winds as a result of climate change.
Thanks to calvin at www.climatechangeaction.blogspot.com for bringing this to my attention.
More at: www.ceres.org
