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The Fortnight
Insurance traumas
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Apr 30, 1995 | From the print edition
FINANCIAL planners in insurance companies across the world hold their breath
as the world leaders squabble over new
cuts in greenhouse gas emissions at the
Berlin Climate Convention Summit. The
phenomenon of global warming might
seriously affect their future, says
Richard Keeling of the Harvey Bowring
Lloyd's Syndicate, London.
The spiraling costs of covering for
floods, earthquakes, rainstorms and
other natural disasters might soon
prove to be a backbreaking burden, he
warns. Figures released by Munich Re,
the world's largest reinsurance company, in early March showed that
largescale disaster compensations are
14 times higher than in the '60s. "if we
are not prepared for extreme events...
we could see major insolvencies," was
the grim verdict given by Frank Nutter,
president, Reinsurance Association of
America.
