Bloomberg, others: Putting a price on changing climate
Friday, December 28th, 2007
From the business page, casualty insurers now routinely see the costs of doing business as the price of a changing climate. Reporting year-end estimates from Munich Re, Forbes.com called it “Climate Change’s $75 Billion Bill.” The figure counts total damages from 950 disasters, the highest number since 1974, although 2007 saw no “mega-catastrophes.” At Marketwatch, Steve Goldstein didn’t seem to get it right, mistaking total losses for insurance industry payouts. Insured losses were about $30 billion. For Bloomberg, Aaron Kirchfeld and Oliver Seuss report that the 2007 estimate was double the 2006 figure but far below the $225 billion 2005 losses that were spiked by hurricanes Katrina and Rita. According to Munich Re board member Torsten Jeworrek, who warned that higher insurance premiums are on the way, “All the facts indicate that losses caused by weather-related natural catastrophes will continue to rise.”
Grist for the mill: Munich Re press release
-JDC