Insurers sound the alarm on climate change
By Fiona Harvey, Environment Correspondent
The cost worldwide of storms, expected to become more frequent owing to climate change, is likely to rise by two-thirds to £15bn ($27bn, €22bn) a year in the next seven decades, the Association of British Insurers will warn on Wednesday.
Nick Starling, the ABI's director of general insurance, urged the leaders of the Group of Eight industrialised nations to take action on greenhouse gas emissions when they meet to discuss climate change next week.
“Governments now have a chance to make rational choices for the future, before it is too late,” he said. Making the right decisions based on assessment of the costs of climate change “will ensure lower costs for the public in future”.