Insurers Expect Huge Future Storm Costs from Global Warming

Posted on June 28, 2005

The Association of British Insurers has issued a new report that shows insurance costs will skyrocket if something is not done to halt or prevent global warming. The ABI said the average annual insurance costs from storms will rise by $27 billion by 2080. A BBC article says the new report also states the costs from the U.S. hurricane season will increase by 75%.

"Governments now have a chance to make rational choices for the future, before it is too late," said ABI director of general insurance Nick Starling.
"Making the right decisions based on first class assessment of the financial costs of climate change will ensure lower costs for the public in future."

In addition to the ABI local scientists have also been pressuring the G8 governments to do something about the global warming problem.