Global warming, insurance losses and financial industry
Conference
·
OSTI ID:471027
- UOB Life Assurance Limited, Singapore (Singapore)
Global warming causes extremely bad weather in the near term. They have already caught the attention of the insurance industry, as they suffered massive losses in the last decade. Twenty-one out of the 25 largest catastrophes in the US, mainly in the form of hurricanes have occurred in the last decade. The insurance industry has reacted by taking the risk of global warming in decisions as to pricing and underwriting decisions. But they have yet to take a more active role in regulating the factors that contributes to global warming. How global warming can impact the financial industry and the modern economy is explored. Insurance and modern financial derivatives are key to the efficient functioning of the modern economy, without which the global economy can still function but will take a giant step backward. Any risk as global warming that causes economic surprises will hamper the efficient working of the financial market and the modern economy.
- OSTI ID:
- 471027
- Report Number(s):
- CONF-960420--; ISBN 0-884736-02-5
- Country of Publication:
- United States
- Language:
- English
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