Friday, November 27, 2009

Munich Re presses for progress on climate

Munich RE BERLIN—Next month's Copenhagen summit needs to make significant progress toward a new climate-change deal, a leading reinsurer said Thursday, arguing that global warming already is costing billions of dollars per year.

"Our statistics clearly show that the loss burden from weather-related natural catastrophes is increasing," said Torsten Jeworrek, a board member at Munich Re AG.

Munich Re said its statistics show losses from weather-related disasters increasing by an average 11 percent per year since 1980. …

"Even if an all-embracing agreement does not seem feasible in Copenhagen, at the very least fundamental framework conditions should be established," Jeworrek said. "We cannot afford a delay at the expense of future generations."

Munich Re said overall losses due to weather-related events, such as hurricanes and tropical storms, from 1980 to 2008 came to some $1.6 trillion, with insured losses totaling $465 billion. Between 2000 and 2008 alone, it said, total losses came to more than $750 billion, while insured losses totaled some $280 billion. …

Munich Re presses for progress on climate

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