In Case Of Emergency, Self-Drive

Insurers hit: Climate change wreaking havoc on insurance industry

It may get increasingly impossible to recover from the damage inflicted by anthropogenic climate change. Insurers have been researching what climate change effects mean for their business, and there is more or less a consensus that pricing in the impact of extreme weather events that are already becoming common will jack up premiums manifold, even as property, health and life in some areas become uninsurable. The Economist reports that Munich Re, a large reinsurer, estimated the losses from global natural disasters in 2018 at $160 billion—with half of that value uninsured. In 2017, thanks to three big hurricanes battering the American coast and the Caribbean islands, the estimated losses totalled $350 billion, of which less than half was insured. But this is only a fraction of what could be in store—a 2013 study published in Nature found that the average annual flood losses for 136 of the world’s largest coastal cities could rise from $6 billion in 2005 to over $1 trillion by 2050—thanks to extreme weather events and the rise in sea level—unless the cities invested about $50 billion annually in climate change adaptation…


In Case Of Emergency, Self-Drive


While hurricanes, wildfires and earthquakes are often assumed to be naturally occurring phenomena, the ensuing disorder in escaping them is undoubtedly man-made.

Rarely is it more apparent than during natural disasters that roads are a public transit service. Any illusion of vehicular freedom is quickly eroded by the droves of emergency responders directing gridlock, clearing abandoned cars, and triaging crash scenes. At its worst, private vehicle infrastructure can grind to a halt—as it did for the millions who fled from Hurricane Rita in Houston. And while mankind has made great strides in disaster prediction, the recent wildfires of California and deadly tsunami in Indonesia prove that prior notice still requires plenty of good fortune…

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s