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When I was a senior in college, I took a seminar called “Dealing with Natural Disasters” that looked at the power of the insurance industry to change imprudent societal practices–e.g., repeatedly building in floodplains. This is an interesting extension.

Climate Change Reports

Paying out billions of dollars here and billions of dollars there has made the global insurance industry a believer in climate change, according to a new study that shows insurance companies are staunch advocates for reducing carbon emissions and minimizing the risk posed by increasingly severe weather events, reports Ken Weiss at the LA Times. “Climate change stands as a stress test for insurance, the world’s largest industry with U.S. $4.6 trillion in revenues, 7% of the global economy,” writes Evan Mills, a scientist at the Lawrence Berkeley National Laboratory. The industry now pays an average of $50 billion a year in weather- and climate-related insurance losses, including property damage and business disruptions, Mills writes  in the journal Science. Such claims have been doubling every decade since the 1980s. Superstorm Sandy, which ravaged the Eastern Seaboard, is just one recent example of the kinds of increasing liability posed…

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