Political opposition to the carbon tax may be at record highs in Australia but for insurers climate change has for many years already been an economic and business risk they have had to plan for.
“Since climate change could lead to losses on a scale never before experienced, insurers are not waiting for researchers to produce all the answers,” notes a report the US Insurance Information Institute that was published in February this year.
A report from insurer Munich Re published two months later echoed the same concerns.
“Some of the leading climate scientists conclude that global warming will result in more extreme weather events and urge strengthening disaster preparedness,” they noted in a statement issued in April.
As Roger Pielke Jr. points out here, the IPCC’s SREX says otherwise.