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.

Published: 13-Jan-2007

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.

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