How the Insurance Industry Is Dealing With Climate Change
Short answer: The reinsurance markets know it's real, and are acting accordingly.
http://blogs.smithsonianmag.com/science/2013/09/how-the-insurance-industry-is-dealing-with-climate-change/
How the Insurance Industry Is Dealing With Climate Change
September 24, 2013
When it comes to the calculating the likelihood of catastrophic weather, one group has an obvious and immediate financial stake in the game: the insurance industry. And in recent years, the industry researchers who attempt to determine the annual odds of catastrophic weather-related disasters—including floods and wind storms—say they’re seeing something new.
“Our business depends on us being neutral. We simply try to make the best possible assessment of risk today, with no vested interest,” says Robert Muir-Wood, the chief scientist of Risk Management Solutions (RMS), a company that creates software models to allow insurance companies to calculate risk. “In the past, when making these assessments, we looked to history. But in fact, we’ve now realized that that’s no longer a safe assumption—we can see, with certain phenomena in certain parts of the world, that the activity today is not simply the average of history.”
This pronounced shift can be seen in extreme rainfall events, heat waves and wind storms. The underlying reason, he says, is climate change, driven by rising greenhouse gas emissions. Muir-Wood’s company is responsible for figuring out just how much more risk the world’s insurance companies face as a result of climate change when homeowners buy
policies to protect their property...
...For his own part, Muir-Wood puts his money where his mouth is. “I personally wouldn’t invest in beachfront property anymore,” he says, noting the steady increase in sea level we’re expecting to see worldwide in the coming century, on top of more extreme storms. “And if you’re thinking about it, I’d calculate quite carefully how far back you’d have to be in the event of a hurricane.”
Hmm, looks like the teabaggers and RW media either don't know what they're talking about or
are consciously lying...
