The upcoming recession is being talked about in the news right now, and it’s mainly being blamed on oil prices and the sub-prime mortgage situation. But there’s another area where our economy is leaking money: the insurance industry. They’ve taken a beating from the bad weather caused by global warming.
The UN Intergovernmental Panel on Climate Change predicted a 21st century rise in ocean levels of 32 inches, but now they say it could be twice that: 64 inches. This is what happened the last time the earth got this hot, 100,000 years ago. This news has the insurance industry terrified, since they?ve already lost $75 million from natural catastrophes in 2007.