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.
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