Global warming causing extreme weather events could mean increased catastrophe losses for insurers, reinsurers and investors in sidecars and natural catastrophe bonds, according to a report from Standard & Poor's Ratings Services.
The study said insurers and reinsurers are already changing how they manage the catastrophe risk in their portfolios, and investors are changing the way they assess these risks.
Scientists generally attribute the past few years' strong increase in catastrophic weather activity (notwithstanding 2006's unexpectedly calm U.S. hurricane season) to the current warm phase in the sea surface temperature cycle, S&P said.
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