Insurance Firms Warn of the ‘Uninsurable’ Future of Climate Change

[MrScorpio]

It warns that the speed at which global oceans are warming is threatening the industry’s ability to sell affordable policies around the world, with parts of the United Kingdom (UK) and the U.S. state of Florida already facing “a risk environment that is uninsurable.”

And these areas are unlikely to be the last that will experience such problems.
But in the UK, hundreds of thousands of homeowners in areas at high risk of flooding will still be able to insure their properties, after the government struck a deal with the industry.

The deal—introduced as part of the government’s new water bill—comes just weeks before the current agreement is set to expire and follows lengthy negotiations with the Association of British Insurers.
The agreement will cap flood insurance premiums, linking them to council tax bands so that people in high risk areas will know the maximum they will have to pay, while a levy on all UK household insurers will be used to create a fund to cover claims for people in high-risk homes.

The new bill also includes plans to increase competition in the water market and improve drought resilience. Meanwhile the government announced an extra £370 million of flood protection funding for 2015-2016 and committed to increase funding each year to 2020—adding to the £2.3 billion they say is currently earmarked for flood defenses.
There has been rising friction in recent years between the insurance industry and governments around the world who are struggling to shore up flood protection.

The Geneva Association—which is overseen by executives from some of the world’s largest insurance firms—warns that governments will have to step up their action to protect their towns from the effects of climate change.



http://ecowatch.com/2013/insurance-firms-warn-uninsurable-future-climate-change/

Suck on it, Global Climate Change Deniers.

[snappyturtle]

1. I guess living in FL is like having a pre-existing medical condition. nt

[Buns_of_Fire]

2. Grab 'em by their wallets; their hearts and minds will follow.

Tell them about potential global disasters, floods, massive storms, drought, famine... meh, they say.

Tell them that these same things have the potential to hit them on their bottom lines -- NOW you've got their attention!

[canoeist52]

3. When it's too risky for insurance companes, you know it's real.