Legislators To Insurers: Act On Global Warming

NU Online News Service, Nov. 20, 11:44 a.m.EST?Two New York legislators in advance of a publichearing urged insurers today to convince business interests theyshould act to prevent global warming.

"The insurance industry needs to use its very real influence toget the private sector moving to deal with this threat, while wecan still do something about it," said Pete Grannis, D-Manhattan,chairman of the New York Assembly Insurance Committee.

Mr. Grannis' remarks came in a statement released prior to ahearing in New York City with Assemblyman Thomas P. DiNapoli,D-Nassau, who heads the Assembly Environmental ConservationCommittee. The session took place at New York University.

Their proceedings, the pair said in a release, would hear frominsurance industry representatives, scientists and other expertsconcerning the future financial impacts of global warming on NewYork and the business world.

Mr. DiNapoli said that "Eco-systems and economic systems alikeare going to suffer as a result of global warming and New YorkState needs to take steps now to diminish the impendingimpacts."

The assemblymen said their proceedings would hear testimony thatthe New York-New Jersey- Connecticut metro area's $1 trillion ininfrastructure assets could sustain losses of up to $150 billionfrom a single storm event provoked by global warming.

Also referenced by the pair was a United Nations EnvironmentalProgramme Finance Initiatives Climate Change Working Group report,which found worldwide global warming costs will exceed $150 billiona year in the coming decade. The assemblymen said the report wasprepared in consultation with several insurance companies.

Among the witnesses scheduled to testify was Christopher Walker,managing director Greenhouse Gas Risk Solutions, Swiss Re FinancialServices Corp.

In a statement Mr. Walker said the issue is no longer whetherthe climate is changing "but how the occurring climate change willaffect our existence, what conclusions can be drawn from it andwhat can be done to mitigate its impact."