Lloyd's Chairman Urges 'Radical Rethink' of Public Policy to Reflect Climate Change Risks
According to Lord Peter Levene, the chairman of Lloyd's of London, the number of catastrophes has doubled since the 1960s and insured losses have increased nearly seven-fold, most of them being weather-related.
Insurers need to address global climate change as they are faced with the
growing cost of extreme natural disasters, advised Lord Peter Levene, chairman
of Lloyd's of London.
"We cannot risk being in denial on catastrophe trends," he recently said in a
speech to the World Affairs Council. "We urgently need a radical rethink of
public policy, and to build the facts into future planning."
According to Levene, the number of catastrophes has doubled since the 1960s
and insured losses have increased nearly seven-fold, most of them being
weather-related. The worst year on record came in 2005 with total global
insurance claims of US$83 billion – over 80% from US hurricanes.
Two views of southern Florida's topography in a shaded relief map. On the left is a standard view, with the green colors indicating low elevations, rising through yellow and tan, to white at the highest elevations. On the right, elevations below 16 feet above sea level have been colored dark blue, and lighter blue indicates elevations below 33 feet.