Insurance & Climate change My\u00a0 day\u00a0 was\u00a0 brightened\u00a0 this\u00a0 morning\u00a0 by\u00a0 noticing\u00a0 a\u00a0 colourful\u00a0 advertisement\u00a0 in\u00a0 my\u00a0 newspaper\u00a0 of choice for the new Coral Reefs \u2013 Secret Cities of the Seas exhibition which is being staged by the Natural\u00a0 History\u00a0 Museum.\u00a0 <\/p>\n
It\u00a0 was\u00a0 not\u00a0 so\u00a0 much\u00a0 the\u00a0 witty\u00a0 depiction\u00a0 of\u00a0 the\u00a0 reef\u00a0 denizens\u00a0 as stay\u00a0 at home\u00a0 dad\u00a0 (seahorse)\u00a0 or security\u00a0 guard\u00a0 (trigger\u00a0 fish)\u00a0 that\u00a0 caught\u00a0 my\u00a0 eye\u00a0 but\u00a0 the\u00a0 fact\u00a0 that\u00a0 the sponsor was Catlin, a medium-sized reinsurer specializing in property & casualty lines. <\/p>\n
Further proof, if any was needed, of the insurance industry\u2019s growing engagement with the issue of climate change and\u00a0 its\u00a0 effects.\u00a0 <\/p>\n
Furthermore,\u00a0 not\u00a0 only\u00a0 has\u00a0 the\u00a0 chairman\u00a0 of\u00a0 Lloyd\u2019s\u00a0 of\u00a0 London\u00a0 said\u00a0 publicly\u00a0 that climate change is their (Lloyd\u2019s) number one issue but Europe\u2019s largest insurer, Allianz, has fleshed his hypothesis out by saying that losses from extreme events in an average year will increase by 37% within\u00a0 a\u00a0 decade.\u00a0 <\/p>\n
This\u00a0 has\u00a0 now\u00a0 moved\u00a0 from\u00a0 the\u00a0 realms\u00a0 of\u00a0 scientific\u00a0 and\u00a0 political\u00a0 debate\u00a0 into\u00a0 the world\u00a0 of\u00a0 balance\u00a0 sheets\u00a0 and\u00a0 profit\u00a0 and\u00a0 loss.\u00a0 <\/p>\n
The\u00a0 costs\u00a0 of\u00a0 climate\u00a0 change will\u00a0 increasingly\u00a0 be measured not only in terms of government expenditure on renewable energy and carbon mitigation but also in business and household insurance premiums. <\/p>\n
Whether or not you believe in the science or think that it is someone else\u2019s responsibility to address the issue, the costs will catch up with all ofus in the end.<\/p>\n","protected":false},"excerpt":{"rendered":"
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