31 Oct '12, 9am

Hurricane Sandy Demonstrates That the Insurance Industry Should Be Wary of Climate Change

Hurricane Sandy Demonstrates That the Insurance Industry Should Be Wary of Climate Change

It’s Tuesday morning and I’m sitting in my Brooklyn apartment looking outside. On my street, the damage from Hurricane Sandy seems to be minimal, but unfortunately in other parts of the city and many other areas in the East Coast the situation is different. In terms of economic toll, the damages caused by the hurricane might range, according to experts, from $10 billion to $20 billion , which means there’s one sector who probably hates Sandy more than anyone else – the insurance industry. For insurance companies, Sandy is a real bummer – according to Ceres , 2012 has been a much better year so far for property and casualty insurers than 2011, with a steep decline in the insured catastrophe losses (the government apparently is the one paying for the huge drought damages). Yet, insurance companies didn’t really need to wait for Sandy to see a clear trend of more frequent and...

Full article: http://www.triplepundit.com/2012/10/insurance-companies-l...

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