Insurance Expert Says Storms Could Bankrupt World
The world?s sixth-largest insurance company warns that property damage due to global warming could bankrupt the world by 2065. Dr. Andrew Dlugolecki, a director at CGNU, Britain?s largest insurance group, told delegates at the recent climate change conference in the Netherlands that the cost of damage caused by changing weather will exceed the world?s wealth.
“Property damage is rising very rapidly, at something like 10 percent a year,” Dr. Dlugolecki said. “We?ve still not yet really begun to see the effects of climate change in the West. What we are seeing so far is largely the result of more people living in areas which are becoming more dangerous. But once this thing begins to happen, it will accelerate extremely rapidly.”
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