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Insurance companies warn of global warming costs

Insurance companies are once again blaming global warming for the steady increase in natural catastrophes, such as hurricanes, which in this decade have occurred three times more than in the 1960s. A report by UK insurance firms, produced by the Benfield-Greig Hazard Research Centre, says there has been a 15-fold increase in the cost to the insurance industry of natural disasters, reports environmental news wire ENDS Daily. The findings confirm what many insurance companies had already assumed, ENDS writes. Last year saw the second highest losses ever suffered by the industry, mainly caused by hurricanes and associated flooding in the Americas.

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