UN Report on Climate Change = Bad News for Property Insurers?

This will come as no surprise to those of us in the Northeast for whom Halloween was cancelled because of snow — http://www.nytimes.com/2011/10/30/us/northeast-snow-storm.html?pagewanted=all — but extreme weather is on the rise — http://www.washingtonpost.com/national/health-science/report-climate-change-means-more-frequent-droughts-floods-to-come/2011/11/15/gIQAfwqHXN_story.html?hpid=z1.  According to the United Nations Intergovernmental Panel on Climate Change — http://ipcc-wg2.gov/SREX/ — in a report that was just issued today, climate change will make drought, flooding and other extreme weather conditions more common in the years to come.  It is obviously a development that needs to be closely monitored by property insurers as current beachfront property may become the equivalent of Atlantis and inland property may become the next French Riviera! 

For more information about this post or WCM’s property practice, please contact Bob Cosgrove at rcosgrove@wcmlaw.com.