Here’s an interesting – and sobering – report by insurance giant Allianz and the World Wildlife Fund which basically says that that the insurance industry needs to do more to address the growing impact of climate change-induced damages — and the resulting insurance claims.
We’re going to see much, MUCH more of this in the very near future, as insurers reel under the impact of claims due to “acts of God” – a term that, in this context, has all the ironic weight of Karl Rove’s worst excesses in the service of Big Business.
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“Hi,
Yes insurance industry needs some changes /reforms and also needs to look into resulting insurance claims due to climatic change. Here tools like this can help companies a lot by helping people to plan their insurance according to their need & budget.
Please check this out at http://www.simpleinsurance.co.in/“
While the world is in the latter stage of life (it’s a fact), the cover you get is in direct proportion to the risk of the day. That said, you may speculate as much as you can, but if the insurance can get away with not paying by including an “act of God” rule to their policy, that is part of the foreseeable risk that the client must take into account when deciding whether the policy is giving him/her the best cover he/she can get.
That’s life! Or like I believe – That’s the beginning of the end of life as we know it. It’s so sad that people believe that the earth will survive. Whether the governments of the world stop all acts of polution in the next 24 hours or like never, it does not matter anymore.
Their quest for knowledge to the effect of the polution on the weather patterns and state of health of mother earth is rediculous. Even 7 year olds learn that at school and the media has covered the issue more than adequitly.
I think most countries are now experiencing the impact of climate change and insurers are starting to refuse to insure people in hard hit areas. Here in the UK we had the worst storms and flooding on record in 2007 (http://www.uk-insurance-index.co.uk/article-246.html) with some areas now virtually uninsurable. Either the governments are going to have to step in and provide some level of underwriting or the insurers get creative with risk mitigation.
Everyone in rest of the world is very cautious about environmental changes but what exactly is going on in Himachal is even virtually unknown to rest of the India. Elections are nearby and every dam, every catchments of rivers are being dammed. State government, to fill its exchequer, which is in fact after producing so much power is still going down hill (around Rs. 18,0000 crore of debt), is giving rights to dams like its opening up small scale cottage industry. The hard fact is no one from Himachal is able to produce a leader who has vast knowledge if environment and its repercussions! However with so much knowledge in rest of India why VW is unable to concentrate their energy towards this state? After all north of India relies on Himachal and any bad environmental change in this region would affect any other industry. When creating wealth and intellectual power, one also needs to concentrate for other causes which would directly affect the existing ones.