Will Global Warming Scare Fatten Insurance Companies Pocketbooks Even More? : The Real Estate Bloggers

Will Global Warming Scare Fatten Insurance Companies Pocketbooks Even More?

April 10th, 2007 • Related • Filed Under

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FloodingAh, the joy of the politically based science of Global Warming and the greed of the insurance companies are going to create the perfect storm for any homeowner in a coastal region. In Australia there is a national panel recommending that insurance companies raise their premiums to protect against the potential of global warming impacting properties on the coast lines of the country.

“The science has hardened up enough and the awareness has hardened up enough, that probably we will see this year as a turning point in the debate over climate change and the need for it to be acknowledged in economic decision-making,” Dr Mallon said.

He said the financial impact of climate change on coastal communities is not likely to be gradual or to stretch over decades.

“It may occur at the point where an underwriter decides they are going to change a premium associated with a community and that can happen quite quickly - literally at the stroke of a pen,” Dr Mallon said. via MSN

So homeowners beware, once an insurance underwriter in the United States see’s that they can raise rates due to Global Warming, the floodgates will open with new and higher premiums to those already paying exorbitant rates already. And when the media gets ahold of the story it will be trumpeted far and wide.

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