Posted on 10 March 2018 by John Hartz

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Climate change threatens ability of insurers to manage risk

Extreme weather is driving up uninsured losses and insurers must use investments to fund global warming resilience, says study

Severe flooding in Carlisle, north-west England, December 2015. Photograph: Andrew Yates/Reuters

The ability of the global insurance industry to manage society’s risks is being threatened by climate change, according to a new report.

The report finds that more frequent extreme weather events are driving up uninsured losses and making some assets uninsurable.

The analysis, by a coalition of the world’s biggest insurers, concluded that the “protection gap” – the difference between the costs of natural disasters and the amount insured – has quadrupled to $100bn (£79bn) a year since the 1980s.

Mark Carney, the governor of the Bank of England, warns in the new report that: “Over time, the adverse effects of climate change could threaten economic resilience and financial stability [and] insurers are currently at the forefront.”

The ClimateWise coalition of 29 insurers, including Allianz, Aon, Aviva, Lloyd’s, Prudential, Swiss Re and Zurich, conclude that the industry must use more of its $30tn of investments to help fund increased resilience of society to floods, storms and heatwaves. 

Climate change threatens ability of insurers to manage risk by Damian Carrington, Climate, Guardian, Dec 7, 2016 

Links posted on Facebook

Sun Mar 4, 2018

• New research, February 19-25, 2018 by Ari Jokimäki, Skeptical Science, Feb 23, 2018
• Arctic spring is starting 16 days earlier than a decade ago, study shows by Jonathan Watts, Environment, Guardian, Mar 3, 2018
• Maybe Blue States Won’t Take Serious Action on Climate Change by Robinson Meyer, The Atlantic, Mar 2, 2018
• Southern Californians know: climate change is real, it is deadly and it is here, Opinion by Nora Gallagher, Environment, Guardian, Mar 3, 2018
• The North Pole just had an extreme heat wave for the 3rd winter in a row by Umair Urfan, Energy & Environment, Vox, Feb 28, 2018
• This one picture sums up climate change's growing role in coastal flooding by Andrew Freedman, Science, Mashable, Mar 3, 2018
• Global deforestation hotspot': 3m hectares of Australian forest to be lost in 15 years by Michael Slezak, Environment, Guardian, Mar 4, 2018
• Implementing climate pact would dramatically save health care costs- researchers by Sebastien Malo, Thomson Reuters Foundation, Mar 2, 2018

Mon Mar 5, 2018

• Chevron Says Climate Change Fallout No Quick Threat to Oil by Kevin Crowley, Bloomberg News, Mar 1, 2018
• Zambia taps climate fund to battle worsening drought by Charles Mkoka, Thomson Reuters Foundation, Mar 3, 2018
• The Importance of Keeping Forests Intact by Morgan Erickson-Davis, Pacific Standard, Feb 28, 2018
• Cities, scientists unite in battle against climate change at U.N. summit by Sebastien Malo, Thomson Reuters Foundation, Mar 4, 2018
• It was officially New Zealand's hottest summer on record by Megan Gattey, Environment, Stuff, Mar 5, 2018
• Stop blaming ‘both sides’ for America’s climate failures by Dana Nuccitelli, Climate Consensus - the 97%, Guardian, Mar 5, 2018
• Widespread Drought Across US Stoking Fears That 2012's Devastation Will Repeat by Madelyn Beck, Harvest Public Media, Feb 26, 2018

Tue Mar 6, 2018

• Far northern permafrost may unleash carbon within decades by Carol Rasmussen, NASA's Global Climate Change, Mar 5, 2018
• The World Is Embracing S.U.V.s. That’s Bad News for the Climate. by Hiroko Tabuchi, New York Times, Mar 3, 2018
• Funding Renewable Energy is Easier Than Taxing Carbon by Steve Cohen, State of the Planet, Earth Institute, Columbia University, Mar 5, 2018
• Cool, Cool; Another Nor’easter Is Going to Hit the East Coast This Week by Brian Kahn, Earther, Mar 5, 2018
• Powerful Winter Storms Show Damage High Tides With Sea Level Rise Can Do by Phil Mckenna, InsideClimate News, Mar 5, 2018
• Models show global warming could be limited to 1.5 degrees Celsius by Brooks Hays, UPI News, Mar 5, 2018
• Millennials’ Climate Views Could Sway 10 House Elections This November by Josh Kurtz, E&E News/Scientific American, Mar 5, 2018
• ‘Water is the new fire,’ says the Insurance Bureau of Canada by David Rider, The Star, Mar 5, 2018
• At U.N. summit, an evangelical Christian makes the case for climate change by Sebastien Malo, Thomson Reuters Foundation, Mar 6, 2018

Wed Mar 7, 2018

• U.N. Chief Picks a Very Rich New Yorker (Not Named Trump) for Climate Job by Somini Sengupta, Climate, New York Times, Mar 5, 2018
• While politicians question the reality of climate change, farmers and businesses act by Michael Brissenden, ABC News (AU), Mar 4, 2018
• America’s flood insurance chief has a message for all Floridians: You’re at risk by Jenny Staletovich, Miami Herald, Mar 5, 2018
• College Republicans Propose an Unusual Idea From the Right: a Carbon Tax by Lisa Friedman, Climate, New York Times, Mar 6, 2018
• Science Says: Arctic not so chill this record warm winter by Seth Borenstein, AP News, Mar 6, 2018
• ‘Lowering our personal carbon footprint is a question of credibility’ by Bob Berwyn, Environment, Deutsche Welle (DW), Mar 6, 2018
• Shared values unite Americans from both sides of the aisle by Robyn Purchia, Green Space, San Francisco Examiner, Mar 7, 2018
• Why TV Meteorologists are Talking About Beer, Chocolate, Peaches and Poison Ivy by Jim O'Donnell, Ensia, Mar 7, 2018

Thu Mar 8, 2018

• French hydro firm builds wind turbines as Swiss glaciers melt by Geert De Clercq, Reuters, Mar 6, 2018
• 13 cities may exceed 2C temperature rise by 2020s, say scientists by Sebastien Malo,Thomson Reuters Foundation, Mar 7, 2018
• Teenagers Defeat Trump’s Move to Kill Climate Change Lawsuit by Kartikay Mehrotra, Bloomberg News, Mar 7, 2018
• The U.S. just hit a major milestone for energy storage — which is also great news for solar by Chris Mooney, Energy & Environment, Washington Post, Mar 6, 2018
• 9 questions about climate change you were too embarrassed to ask by Brad Plumer, Brian Resnick & Umair Irfan, Energy & Environment, Vox, Mar 7, 2018
• Wanna limit global warming to 1.5°C? Get cracking by Scott K Johnson, Ars Technica, Mar 7, 2018
• Record warmth in February 2018 by Tom Di Liberto. NOAA's Climate.gov, Mar 6, 2018
• Sea Level Rise Will Rapidly Worsen Coastal Flooding in Coming Decades, NOAA Warns by Nicholas Kusnetz, Inside Climate News, Mar 7, 2018

Fri Mar 9, 2018

• U.S. weather forecaster sees 55 pct chance of La Niña waning during March-May by Vijaykumar Vedala, Reuters, Mar 8, 2018
• These huge new wind turbines are a marvel. They’re also the future. by David Roberts, Energy & Environment, Vox, Mar 8, 2018
• At energy summit, climate pits U.S. against Europe by Ron Bousso, Reuters, Mar 7, 2017
• $1.6 Trillion Of Investments At Risk If Fossil Fuel Firms Fail To Heed Climate Targets by Mike Scott, Forbes, Mar 8, 2018
• The E.P.A Chief Wanted a Climate Science Debate. Trump’s Chief of Staff Stopped Him. by Lisa Friedman & Julie Hirschfeld Davis, Climate, New York Times, Mar 9, 2018
• The Battery Will Kill Fossil Fuels—It's Only a Matter of Time by Mark Chediak, Bloomberg News, Mar 8, 2018
• This dire ocean scenario is a stark reminder of why the world is trying to stop climate change by Chris Mooney, Energy & Environment, Washington Post, Mar 9, 2018

Sat Mar 10, 2018

• New research, February 26 - March 4, 2018 by Ari Jokimäki, Skeptical Science, Mar 9, 2018
• What did NZ's hottest summer do to our glaciers? by Jamie Morton, New Zealand Herald, Mar 8, 2018
• New scenarios show how the world could limit warming to 1.5C in 2100 by Zeke Hausfather, Carbon Brief, Mar 5, 2018
• 3 Dozen Shareholder Climate Resolutions Target Oil, Gas and Power Companies by David Hasemyer, InsideClimate News, Mar 8, 2018
• Analysis: UK carbon emissions in 2017 fell to levels last seen in 1890 by Zeke Hausfather, Carbon Brief, Mar 7, 2018
• Climate change threatens ability of insurers to manage risk by Damian Carrington, Climate, Guardian, Dec 7, 2016
• The Arctic is sending us a powerful message about climate change. It’s time for us to listen by Jennifer Francis, Jeremy Wilkinson & Gail Whiteman, World Economic Forum (WEF), Mar 5, 2018
• Polar Bears at Ground Zero for Climate Change and Climate Science Deniers, Opinion by Shaye Wolf, DeSmog UK, Mar 5, 2018