Munich Re calls for climate change drive

The world’s largest reinsurer, Munich Re, has called for new climate protection initiatives. The United Nations Climate Change Conference — which began today in Durban, South Africa — may result in some progress in the second negotiating track (i.e. adaptation aid for the countries worst hit by climate change) but the reinsurer said hopes for a successful conclusion are slim. Resolution of the global warming issue appears to be “doomed to further failure in Durban,” Munich Re said. The Kyoto Protocol, still the only binding climate protection agreement — although not signed by all the major economies — is at risk of expiring with no follow-up agreement. To boost the campaign being waged on global warming, a core group of countries that has already set their climate goals needs to take the lead and concentrate all their efforts on promoting renewable energy. “Switching from fossil fuels to renewable energy is the prime task this century faces and offers substantial financial opportunities”, Torsten Jeworrek, CEO of reinsurance operations at Munich Re, said. Munich Re has been analysing climate change for nearly forty years and set up the largest database documenting natural catastrophes worldwide, which now contains over 30,000 events. The database shows that the number of registered loss occurrences from extreme weather throughout the world has almost tripled since 1980. The number of flood loss events has gone up by a factor of more than three and the number of windstorm natural catastrophes has more than doubled. More…

News selected by Covalence | Country: Global | Company: Munich Re | Source: Insurance ERM