Global warming-driven “changes could make insurance unaffordable for customers in high-risk areas.” So concludes “Climate Change and Insurance: An Agenda for Action in the United States,” a report by the conservation group World Wildlife Fund and the Allianz Group, one of the world’s largest insurance providers.
High-risk areas include
- Florida and other hurricane-prone regions, since the most severe tropical storms are on the rise
- All coastal cities, since sea levels are also on the rise
- Regions susceptible to forest fires, which are also on the rise.
Clem Booth, a board member of Allianz, told Reuters: “That it will cost more, there’s no question; we can put that on the table right at the beginning.”
While the political leadership inside the Beltway refuses to act, the good news is that, “There’s no question that business leaders like Allianz, GE and others are way ahead of the current administration,” in the words of Carter Roberts, president of WWF in the United States.
Action now is the only true insurance against catastrophic climate change.