The cost worldwide of storms, expected to become more frequent owing to climate change, is likely to rise by two-thirds to £15bn ($27bn, €22bn) a year in the next seven decades, the Association of British Insurers will warn on Wednesday.
Nick Starling, the ABI’s director of general insurance, urged the leaders of the Group of Eight industrialised nations to take action on greenhouse gas emissions when they meet to discuss climate change next week.
“Governments now have a chance to make rational choices for the future, before it is too late,” he said. Making the right decisions based on assessment of the costs of climate change “will ensure lower costs for the public in future”.
By 2040, the average annual cost of hurricanes in the US alone would rise from $9.5bn to $11.4bn. In a bad year, hurricanes in the US would cost $71bn in the 2040s and $104bn in insured costs alone.
From those commies at the Financial Times
A few in power still argue the idea of catastrophic global warming is, in the words of Sen. James Inhofe of Oklahoma, a “hoax.” During the energy bill debate last week, Inhofe said that rising levels of CO2 could even be a boon, by making it easier for plants to acquire carbon, the main building block of life.
“CO2 is not a pollutant, CO2 is a fertilizer,” he said.
In other news, ketchup is still a vegetable and the forecasters anticipate periods of rent seeking followed by taxpayer bailouts.