Climate change impact: too few disasters

| April 4, 2008

OK, given the apocalyptic hype over global warming climate change climate fluctuations, this is downright funny:

Lloyd’s of London warned yesterday that an absence last year of natural disasters or man-made accidents was putting pressure on firms to reduce premiums in 2008.

The world’s oldest and biggest insurance market said that though the lack of major disasters had allowed firms to push up profits 5% in 2007, underwriting margins were being squeezed.

Almost half of the 320-year-old market’s business was conducted in the US last year. It is a major insurer of the Florida seaboard and oil rigs in the gulf of Mexico. In 2005, a series of natural disasters culminated in Hurricane Katrina clattering into New Orleans. The clean-up bill pushed Lloyd’s into a £103m loss.

However, two years of relatively few claims for environmental damage have increased competition in the sector. “On the back of a good performance in 2007 we need to sound a note of caution for 2008 because of softening market conditions and because of the financial turmoil we have seen,” said Richard Ward, chief executive of Lloyd’s.

I double-checked to make sure the deadline wasn’t April 1st.  Hat tip to the Drudge Report.  ..bruce w..

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Category: 2008 Election, Climate Change, Environment, Geopolitics, Main, Science, US Politics

About the Author ()

Webster is Principal and Founder at Bruce F. Webster & Associates, as well as an Adjunct Professor of Computer Science at Brigham Young University. He works with organizations to help them with troubled or failed information technology (IT) projects. He has also worked in several dozen legal cases as a consultant and as a testifying expert, both in the United States and Japan. He can be reached at bwebster@bfwa.com, or you can follow him on Twitter as @bfwebster.

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