Capitol Hill Blue Forums Political Issues Climate Change and Environmental Issues Swiss RE calls for adaptation drive as extreme weather events rise

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[b]Swiss RE calls for adaptation drive as extreme weather events rise[/b]

Insurance companies should emphasise the importance of boosting preparations for extreme weather events and other impacts from climate change, Swiss RE says in a report.

The reinsurance giant says its industry is “highly exposed” to future changes in the earth’s weather systems, revealing insured losses from weather-related events rose from 0.018% of global GDP between 1974 to 1983 to 0.077% of global GDP from 2004-2013.

It expects rising temperatures to lead to more frequent and severe extreme weather events in the future. The US Gulf coast alone could face an annual damage bill of $21.5 billion by 2030, it says.

Last week Swiss revealed global economic losses from natural and man-made disasters totalled $140 billion in 2013, a drop on 2012, but disaster victim numbers rose 12,000 to 26,000.


Number of weather-related catastrophes, 1970–2013 (Swiss RE)
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Pretty soon, it's just not going to be economical to deny climate change: Insurers will raise rates to cover changing expected losses and have to explain exactly why they are doing that. Deniers may try to fight that in courts, etc. but they will lose.

Federal programs will run out of money trying to beat back the incoming tides like King Canute. For example, the house in Houston that federal subsidized flood insurance has repaired 16 times in 18 years.

Some places like New Orleans, the south coast of Louisiana and Texas, Puerto Rico, etc. may have to change their building codes so all buildings are high enough and solid enough to survive Cat 5 hurricanes. I'm not sure what you can do about South Florida. Maybe dredge out half of it to make some land 20 feet above sea level?