It will cost, most all of us.


Climate deniers hate those pesky intrusions of reality. For Insurance giants like Munich Re, Swiss Re, and Lloyds of London, climate change is a reality that is showing up where it hurts most, on the ledgers. The long piece excerpted below is quite an extraordinary investigation for a mainstream publication, and deserves a look.

Globe and Mail:

In the aftermath of the German and Canadian floods, the victims, the insurers, the media, the politicians and the scientists were all asking the same questions: What caused them? Was it the relentless buildup of atmospheric carbon dioxide? Could “extreme” weather events become the new normal or were they once-a-millennium acts of god?

In Munich Re’s offices, there wasn’t much debate as the claims cheques flew out the door: The higher frequency of extreme weather events is influenced by climate change; and recent climate change is largely due to burning hydrocarbons. “I’m quite convinced that most climate change is caused by human activity,” says Peter Höppe, head of geo-risks research at Munich Re.