Climate Change Causes Insurers to Rethink Price of Risk

Super storm Sandy forces insurer to rethink risk. Climate change is the new normal. But the insurance industry looks at historical data, old and new, in order to assess the risk for potential disasters and put a price on premiums. When climate is changing, the old data is… -old. And that turmes the analys from that data into something that does not represent reality. This has implications for risk, economy and ultimately well fare and lives. As the insurance industry realizes the new risks and probable events, the public may find it…