NewEnergyNews

  • Subscribe to our RSS feed.
  • Twitter
  • StumbleUpon
  • Reddit
  • Facebook
  • Digg

Monday, 20 May 2013

INSURANCE COMPANIES PREPARE FOR CLIMATE CHANGE

Posted on 05:06 by Unknown
For Insurers, No Doubts on Climate Change

Eduardo Porter, May 14 2013 (NY Times)

“…[N]atural catastrophes across the United States pounded insurers last year, generating$35 billion in privately insured property losses, $11 billion more than the average over the last decade…And the industry expects the situation will get worse…Most insurers, including the reinsurance companies that bear much of the ultimate risk in the industry, have little time for the arguments heard in some right-wing circles that climate change isn’t happening…[and accept that it is caused by humans. But]…the focus of insurers’ advocacy efforts is zoning rules and disaster mitigation [instead of prevention].

…[The concentration of heat-trapping carbon dioxide in the atmosphere [recently] reached 400 parts per million…The milestone puts the earth nearer a point of no return, many scientists think, when vast, disruptive climate change is baked into our future…[So] why hasn’t corporate America done more to sway its allies in the Republican Party to try to avert a disaster that would clearly be devastating to its own interests?”

click to enlarge

“…[The insurance industry may want to avoid] controversies over energy policy. But perhaps its executives simply don’t feel so vulnerable. Like farmers, who are largely protected from the ravages of climate change by government-financed crop insurance, insurers also have less to fear than it might at first appear…The federal government covers flood insurance, among the riskiest kind in this time of crazy weather. And insurers can raise premiums or even drop coverage to adjust to higher risks. Indeed, despite Sandy and drought, property and casualty insurance in the United States was more profitable in 2012 than in 2011, according to the Property Casualty Insurers Association of America.

“But the industry…[is evolving. Insurance companies] dropped their support for [the Heartland Institute, and Heartland VP Eli Lehrer, who led an insurance-financed project, left to help]…start the R Street Institute, a standard conservative organization…[that] believes in climate change and supports a carbon tax…[I]t is financed largely with insurance industry money…[Some Republicans in the House and Senate] would be open to legislation to help avert climate change…[and Exelon is sympathetic, probably] because a carbon tax would give an edge to gas over its dirtier rival, coal…[but] with the exception of 2004 and 2005, when a string of hurricanes from Ivan to Katrina caused damage worth more than $200 billion…they haven’t yet experienced hefty, sustained losses attributable to climate change…[T]he best hope for those concerned about climate change…[is] that global warming isn’t just devastating for society, but also bad for business.”

Tweet

Email ThisBlogThis!Share to XShare to FacebookShare to Pinterest
Posted in | No comments
Newer Post Older Post Home

0 comments:

Post a Comment

Subscribe to: Post Comments (Atom)

Popular Posts

  • NEW ENERGY IN THE 2012 MARKET
    Clean Edge Stock Index Update – Q2 2012; Quarterly update on CELS, QWND, and QGRD through June 30, 2012 August 21, 2012 (Clean Edge) “CELS i...
  • SOLAR PRICES CONTINUE TO FALL
    Costs Of Solar Energy Rapidly Declining Throughout U.S. Market 27 November 2012 (Solar Industry) “The installed price of solar photovoltaic ...
  • WIRELESS BLDG ENERGY MANAGEMENT SPREADING
    Wireless Control Systems for Smart Buildings; ZigBee, EnOcean, Wi-Fi, and Other Wireless Networks for HVAC, Lighting, Fire & Safety, and...
  • SUN SCORES HIT ON WALL STREET
    SolarCity's Stock Debut: Wall Street Success In A Struggling Market? Jessica Lillian, 13 December 2012 (Solar Industry) "Shares in…...
  • (no title)
    Beautifully stated. Tweet
  • ALL WIND WANTS IS WHAT NAT GAS GOT
    In a shale state, give wind power its respective due Jeff Perkins, November 12, 2012 (Pennsylvania Patriot-News) “…Shale gas [went from a bi...
  • A ROADMAP FOR BIG SOLAR
    Obama Administration Releases Utility-Scale Solar Development Roadmap 15 October 2012 (Solar Industry) “…[The Department of Interior (DOI)] ...
  • WIND FARMS IN THE SUBURBS
    Developer Makes The Case For Urban Wind Energy Development Mark Del Franco, 31 January 2013 (North American Windpower) “Kruger Energy's ...
  • NEW ENERGY CAN BE $1.9 TRIL BY 2018
    The domestic clean energy economy needs national policies to innovate, manufacture, and compete January 17, 2013 (The Pew Charitable Trusts)...
  • STORING HEAT FOR POWER
    Thermal Energy Storage; Thermal Storage for HVAC in Commercial Buildings, District Cooling and Heating, Utility and Grid Support Application...

Blog Archive

  • ▼  2013 (231)
    • ►  August (15)
    • ►  July (45)
    • ►  June (28)
    • ▼  May (29)
      • WIND WORKS FOR BIRDS
      • UK NEW ENERGY WOULD SAVE RATEPAYERS BILLIONS
      • SOLAR POWER TOWER NEARING COMPLETION
      • GOOGLE BUYS FLYING WIND
      • LOOKING AHEAD AT U.S. WIND AND SUN
      • TESLA PAYS BACK DOE LOAN WITH INTEREST
      • SPECIAL THING TO THINK ABOUT
      • EARLY RESULTS SHOW WIND CAN PROTECT EAGLES
      • WHAT THE U.S. CAN LEARN FROM GERMAN SOLAR SUCCESS
      • TEXAS GROWING NEW ENERGY, QUADRUPLES SUN
      • U.S. EMISSIONS DROP AS ELECTRICITY OUTPUT RISES
      • WTO RULES FOR IMPORTED SUN
      • THE SPACES BETWEEN THE WINDS
      • INSURANCE COMPANIES PREPARE FOR CLIMATE CHANGE
      • UTILITY GOES FOR BETTER SUN, WIND FORECASTS
      • UK’S GREEN BANK BRINGS THE BIG BUCKS
      • MINNESOTA’S SOLAR AMBITIONS IN CONTEXT
      • RHODE ISLAND’S FIGHT OVER OCEAN WIND
      • VC MONEY FOR SMART GRID STEADY
      • MINNESOTA LOVES WIND
      • HUGE BUFFETT WIND BUY IN IOWA
      • THE VALUE OF ARIZONA’S SUN
      • BRIGHTSOURCE EXEC TALKS SOLAR TOWER TECH & BIZ
      • WIND SAVES MONEY FOR RATEPAYERS – STUDY
      • HOW BIG OIL USES REPUBLICANS
      • Senator Blasts Senator For Using Bible To Deny Cli...
      • GERMANY OFFSHORE WIND SUCCESS
      • DUKE WANTS NEW ENERGY
      • SELLING SOLAR
    • ►  April (33)
    • ►  March (36)
    • ►  February (27)
    • ►  January (18)
  • ►  2012 (269)
    • ►  December (30)
    • ►  November (35)
    • ►  October (25)
    • ►  September (26)
    • ►  August (39)
    • ►  July (39)
    • ►  June (27)
    • ►  May (48)
Powered by Blogger.

About Me

Unknown
View my complete profile