[MCN] Insurance industry: Financial Crisis May Come from Climate Risks

[Lance Olsen]

National Real Estate Investor 
https://www.nreionline.com/finance-investment/insurers-worry-financial-crisis-may-come-climate-risks

Insurers Worry a Financial Crisis May Come from Climate Risks
Rising temperatures may lead to a decline in property values and spark a broader financial crisis, a report from ClimateWise warns.
Bloomberg <https://www.nreionline.com/author/--4> | Feb 22, 2019

Excerpt: (Bloomberg)—Insurers are increasingly worried that rising temperatures will lead to a slump in property values that could spark broader financial turmoil.

Those were the conclusions a group run out of the University of Cambridge including some of the world’s biggest insurers. In a report published Friday, ClimateWise said that an increasing catastrophes linked to climate change could triple losses on property investments over the next 30 years.

The warning adds to concerns raised by Munich Re AG last month, which said a string of floods, fires and violent storms had doubled the normal amount of insurable losses. Munich Re has said global climate-related losses may have topped a record $140 billion last year.

“A failure to take account of these risks could be damaging both for individual investors and lenders, but also for the financial system and economy as a whole,” according to the 74-page report, which was written on the behalf of ClimateWise members including Allianz SE, XL Group, Aviva Plc and Lloyds Bank Plc.

The warning is the latest from the financial sector of the physical and financial risks posed by rising temperatures. While some investment strategists think climate change will offer opportunities, others warn of physical damage to commercial and residential real estate.

While scientists are cautious to link any single weather event to global warming, they’ve built consensus around the probability that more powerful floods, fires, droughts and storms will occur with higher frequency as the Earth gets hotter.

https://www.nreionline.com/finance-investment/insurers-worry-financial-crisis-may-come-climate-risks

------------------------------------------------------------------------
“We have only one planet and the time has come to transform our present lifestyle and consumption patterns...”

From the Executive Summary, WWF:  China Ecological Footprint: Report 2012 : Consumption, production, and sustainability.
———————————————————————————————————
"People should want more, make more, earn more, spend more -- ever more."

Donella Meadows. Just So Much And No More. Yes magazine June 30, 2001
http://www.yesmagazine.org/issues/reclaiming-the-commons/437
-------------------------------------------------------
“Conservationists are unquestionably useful people. And among the many useful services that they have rendered has been that of dramatizing the vast appetite the United States has developed for materials of all kinds.”

“But what of the appetite itself? Surely this is the ultimate source of the problem. If it continues its geometric course, will it not one day have to be restrained? Yet in the literature of the resource problem this is the forbidden question. Over it hangs a nearly total silence.”

John K. Galbraith. “How much should a country consume?”
In Jarrett, Henry (editor), Perspectives on Conservation. John Hopkins Press. 1958
--------------------------------------------------------------------------------------






https://www.oxfam.org/sites/www.oxfam.org/files/file_attachments/mb-extreme-carbon-inequality-021215-en.pdf







-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://bigskynet.org/pipermail/missoula-community-news_bigskynet.org/attachments/20190224/cc3a50bd/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image.png
Type: image/png
Size: 92505 bytes
Desc: not available
URL: <http://bigskynet.org/pipermail/missoula-community-news_bigskynet.org/attachments/20190224/cc3a50bd/attachment.png>