Reuters: The global insurance industry faces substantial risks from climate change due to the increased incidence of cyclones, floods, drought and bushfires, a major European reinsurer told the Greenhouse 2007 conference. Losses from tropical cyclones were increasing particularly strongly,
Increasingly built-up coastal areas were highly susceptible to catastrophes associated with climate change, with potential annual losses now $200 billion against $25 billion in 1950. Hurricane Katrina caused about $66 billion in losses in 2005 when it devastated the southern
Global flood catastrophes were also growing, with flooding in
…The incidence of extreme weather conditions in
On a more positive note, Faust also said business opportunities abounded in countering climate change, including the development of renewable energy, increased water-use efficiency, water recycling and desalination.