Insurers must "adapt or bust" when it comes to facing thechanging climate's effect on the insurance industry, says a newLloyd's of London report.
Last year cost the industry $83 billion in catastrophe claims,$65 billion of which resulted from hurricanes Katrina, Rita, andWilma. The report, "Climate Change: Adapt or Bust," suggests thatinsurers could face even higher claims from an increasing number ofnatural disasters in the near future, which would be caused byclimate change.
According to the report, scientific evidence shows that globaltemperature, sea levels, and rainfall are rising faster thanpreviously thought. Rising sea temperatures in the Gulf of Mexicoindicate increased windstorm activity and hurricane exposure. Italso says if the industry wants to survive, it must adapt itsresponses to these trends sooner rather than later.
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