Health & Fitness
Global Warming and Insurance Costs Money
Global Warming and the impact is having on customer's property insurance rates.
After Superstorm Sandy hit, insured’s had an estimated loss of $25 billion, impacting insurance company’s economic stability. The losses insurers and insured’s have gone through during these catastrophic storms are a result of the lack in preparation – WOW, no one is expecting these weather phenomenon.
Predictability and severity of climate change is making insurance more costly. More frequent and more severe insurable occurrences; the results is increasing property insurance rates.
According to Researcher Hiscox Dixon, “A study predicted a half-meter change in sea level in the North Atlantic would mean a 70-percent increase in total property value on Long Island that will be affected by storm surge over and beyond existing 100-year boundaries.”
Find out what's happening in Greenwichwith free, real-time updates from Patch.
Another example of insurable loss from increased environmental activities would be environmental claims for businesses that have pollution related risks. “Big storms can dislodge tanks of petroleum or cause waste to flow from an insured’s property to another, or vice versa.”
A concern for Independent agencies is to make sure people are prepared. People need to be aware that proper coverage can change everything and positively impact both, insurers and their customers. As communities become more aware of the need for preparation increased predictability may stabilize insurance cost. It is very important for trained independent agents to advice and help prepare their customers.
