Lloyd's Details 'Growing Impact of Climate Change' as UN Meets
Pestilence, weeds and infestations – Climate change “encourages the march northwards of weeds, which compete with agricultural crops and often win. In the US, for example, it’s been calculated that southern farmers lose 64 percent of their soybean crop to invasive weeds – the consequences for food supply and price as weeds head northwards are significant. In the US alone, the government spends $11 billion a year on agricultural weed control.”...“The costliest hurricane to hit the US to date has been Katrina, which came ashore in 2005. The total economic loss caused by Katrina has been estimated to be as high as $250 billion, taking into account the damage, disrupted gas production and general impact on national economic growth. Around 300,000 homes in New Orleans were rendered uninhabitable and over 1,200 people were killed.
...Heat waves – In November 2011, the Intergovernmental Panel on Climate Change published a report warning that the frequency of heat waves will increase by a factor of 10 in most regions of the world if carbon dioxide and other gases continue to be produced at today’s levels....Lloyd’s said it “believes strongly that insurance has a vital role to play in helping businesses and communities adapt to the effects of climate change. We were a founding member of the ClimateWise initiative, which provides insurers with a framework to set out how they build climate change into their business operations.
1 comment:
In plain English, we are working on justifications to increase insurance rates.
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