Lloyds Warning Over Global Warming
Lloyds of London warns its members that global warming is a serious risk to the insurance industry
7th June 2006
Lloyds of London has warned its members that they need to start taking global warming more seriously, or they could face disaster as the level of weather-related claims continue to rise.
As well as raising premiums to cover the higher payout costs, the insurance industry is also being urged to fund more research into climate change, to better understand the insurability of weather related risk.
Lloyds also says that insurers may have to consider withdrawing or curtailing cover for claim 'hotspots' such as areas liable to flooding or other extreme weather events.
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