Is it not the Act of Man inviting the Act of God? Unfortunately, climate change/s gives an impression as if the world is desperately trying to respond to weather changes. On the contrary mankind is not only triggering these changes but enhancing its after effects.
July 26th Mumbai received a record 37 inches of rain. An average higher than even Cherrapunji, in Assam (world’s wettest spot. Thanks to destruction of mangroves; reduction of green cover; excessive silting and mindless reclamation, Mumbai which should have otherwise been sitting pretty with all the natural mechanism – was a deluged metropolis.
Very soon, all the outcry against the corrupt and inefficient local authorities will be forgotton. But this time not for too long. Looks like the 100 year cycles are competing with the life of a laptop (last estimated at 18 months).
With the growing penetration of insurance and most likely downward pressure on pricing owing to imminent detariffing – the property insurance results could only worsen. The insured losses too would thereby grow.
There is no way insurers and reinsurers can afford to sleep over. Ignoring climate changes could only mean extinction of insures.
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Is it not the Act of Man inviting the Act of God? Unfortunately, climate change/s gives an impression as if the world is desperately trying to respond to weather changes. On the contrary mankind is not only triggering these changes but enhancing its after effects.
July 26th Mumbai received a record 37 inches of rain. An average higher than even Cherrapunji, in Assam (world’s wettest spot. Thanks to destruction of mangroves; reduction of green cover; excessive silting and mindless reclamation, Mumbai which should have otherwise been sitting pretty with all the natural mechanism – was a deluged metropolis.
Very soon, all the outcry against the corrupt and inefficient local authorities will be forgotton. But this time not for too long. Looks like the 100 year cycles are competing with the life of a laptop (last estimated at 18 months).
With the growing penetration of insurance and most likely downward pressure on pricing owing to imminent detariffing – the property insurance results could only worsen. The insured losses too would thereby grow.
There is no way insurers and reinsurers can afford to sleep over. Ignoring climate changes could only mean extinction of insures.