Stephen Harper may act as though climate change impacts can be ignored but the global insurance industry would tell him he's full of crap.
An industry review of catastrophic loss claims reveals that 2011 stands as "the highest-ever loss year on record, even after just six months."
"The numbers bear out the facts. There was $265B in economic losses up to the end of June, which easily exceeds the total figure for 2005, previously the costliest year to date ($220B for the year as a whole).
"Altogether, the loss amount was more than five times higher than the first-half average for the past 10 years. The insured losses, around $60B, were also nearly five times greater than the average since 2001."
In the U.S., the federal government through FEMA is the provider of last resort for flood insurance to many. FEMA now has some 800,000 policies through the National Flood Insurance Plan.
Hurricane season hasn't even started yet. Yikes.
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