Menu
08/06/2004
Climate change could see insurance claims treble
Climate change could treble claims for storm and flood damages by 2050, according to an insurance industry report published today.
British insurers have warned that action over climate change is needed to ensure that insurance cover, and premiums, remain readily available and affordable.
The Association of British Insurers (ABI) report, 'A Changing Climate for Insurance', considered the impact of climate change on the business sector and its customers. It found that weather-related claims on property insurance have doubled to over £6 billion between 1998 to 2003, compared with the previous five years. The report predicts that claims could treble if no action is taken.
Changing weather patterns in the 1990’s saw a "significant increase" in the number of months of both extreme hot and wet weather. During this decade there were 34 months of extreme hot weather, compared to a previous average of just 12 months per decade. The number of winter storms crossing the UK has doubled in the last 50 years, the report found.
Other sectors of insurance, such as health, motor and liability insurance could also be influenced by changing weather patterns, the study claimed.
John Parker, the ABI’s Head of General Insurance, said: “Managing the impacts of climate change is a major challenge for society – we already live with its effects everyday.
“Insurance is in the front line of climate change. Managing risk is central to our industry, and insurers must be equipped to analyse the new risks arising from climate change, and to help customers protect against them."
However, Environment Minister Elliot Morley has said that the effects of climate change over the next few decades are now "unavoidable".
"In the UK, we are likely to experience hotter, drier summers and warmer, wetter winters, and weather extremes like the hot summer of 2003 or the heavy rain leading to the floods in 2000 may become more common," he said.
Government action includes a £100 million rise in annual spending on flood defences and the development of a 20-year strategy for managing floods. The government has also adopted the Kyoto Protocol in 2002 and made a commitment to reducing carbon dioxide emissions by more than half by 2050.
Mr Morley also said that while the government can take action to minimise the effects of heatwaves and storms, "we need to tackle - via international agreement - the causes of climate change".
(gmcg)
British insurers have warned that action over climate change is needed to ensure that insurance cover, and premiums, remain readily available and affordable.
The Association of British Insurers (ABI) report, 'A Changing Climate for Insurance', considered the impact of climate change on the business sector and its customers. It found that weather-related claims on property insurance have doubled to over £6 billion between 1998 to 2003, compared with the previous five years. The report predicts that claims could treble if no action is taken.
Changing weather patterns in the 1990’s saw a "significant increase" in the number of months of both extreme hot and wet weather. During this decade there were 34 months of extreme hot weather, compared to a previous average of just 12 months per decade. The number of winter storms crossing the UK has doubled in the last 50 years, the report found.
Other sectors of insurance, such as health, motor and liability insurance could also be influenced by changing weather patterns, the study claimed.
John Parker, the ABI’s Head of General Insurance, said: “Managing the impacts of climate change is a major challenge for society – we already live with its effects everyday.
“Insurance is in the front line of climate change. Managing risk is central to our industry, and insurers must be equipped to analyse the new risks arising from climate change, and to help customers protect against them."
However, Environment Minister Elliot Morley has said that the effects of climate change over the next few decades are now "unavoidable".
"In the UK, we are likely to experience hotter, drier summers and warmer, wetter winters, and weather extremes like the hot summer of 2003 or the heavy rain leading to the floods in 2000 may become more common," he said.
Government action includes a £100 million rise in annual spending on flood defences and the development of a 20-year strategy for managing floods. The government has also adopted the Kyoto Protocol in 2002 and made a commitment to reducing carbon dioxide emissions by more than half by 2050.
Mr Morley also said that while the government can take action to minimise the effects of heatwaves and storms, "we need to tackle - via international agreement - the causes of climate change".
(gmcg)
Related UK National News Stories
Click here for the latest headlines.
25 November 2011
Met Scientist Awarded For Extreme Weather Discovery
One of the Met Office’s leading scientists has won a prestigious award for research, which has shed new light on how climate change could influence extreme weather over Europe. Dr Adam Scaife has won the Climate Change category of the Lloyd’s Science of Risk Prize, which recognises leading research that could have a big impact on risk management.
Met Scientist Awarded For Extreme Weather Discovery
One of the Met Office’s leading scientists has won a prestigious award for research, which has shed new light on how climate change could influence extreme weather over Europe. Dr Adam Scaife has won the Climate Change category of the Lloyd’s Science of Risk Prize, which recognises leading research that could have a big impact on risk management.
29 October 2004
UK launches 'international priorities' on climate change
Urgent international action is required to tackle climate change and secure sustainable energy supplies, Foreign Secretary Jack Straw said today.
UK launches 'international priorities' on climate change
Urgent international action is required to tackle climate change and secure sustainable energy supplies, Foreign Secretary Jack Straw said today.
02 April 2014
High Levels Of Air Pollution In England And Wales
Public Health England (PHE) scientists are issuing advice for parts of England and Wales. In the last few days, a combination of local emissions, light winds, pollution from the continent and dust blown over from the Sahara caused a spike in the UK Air Quality Index compiled by the Department for Environment, Food and Rural Affairs (Defra).
High Levels Of Air Pollution In England And Wales
Public Health England (PHE) scientists are issuing advice for parts of England and Wales. In the last few days, a combination of local emissions, light winds, pollution from the continent and dust blown over from the Sahara caused a spike in the UK Air Quality Index compiled by the Department for Environment, Food and Rural Affairs (Defra).
10 March 2014
Govt To Introduce Quick Response Codes
Consumers wanting to know more about their energy use and whether they are getting the best value for money will have a new and easy way of finding the best deal.
Govt To Introduce Quick Response Codes
Consumers wanting to know more about their energy use and whether they are getting the best value for money will have a new and easy way of finding the best deal.
26 November 2013
Ofgem Highly Critical Of Energy Industry
Energy regulator Ofgem have strongly criticised the UK's big energy suppliers, saying that there was a "deep mistrust of anything the energy companies do or say".
Ofgem Highly Critical Of Energy Industry
Energy regulator Ofgem have strongly criticised the UK's big energy suppliers, saying that there was a "deep mistrust of anything the energy companies do or say".
-
Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
