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Posted Tue Sep 6 2011: from Climate Central:
Insurance Companies Unprepared for Climate Change, Report Says
Across much of Vermont, New York, and New Jersey this week, home and business owners have been coping with devastating flood damage unleashed by Hurricane Irene. The immense storm is already listed as one of the costliest natural disasters in American history, and total damage expenses will probably surpass $10 billion. Unfortunately, for most people affected by the storm, standard insurance doesn't cover flooding, which means individuals will be footing repair bills on their own. But insurance companies aren't off the hook in the wake of Irene. In a year with a record number of billion-dollar weather disasters, Hurricane Irene has added to an already expensive year for insurers.... According to the Ceres report, most insurance companies are unprepared for how to cope with the risks that a warmer climate poses.
[Read more stories about: weather extremes, global warming, anthropogenic change]
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'Doc Michael says:
Sounds like the insurance companies need insurance companies with insurance... infinitum...

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