Insurers being sued for climate change

News >> News on Insurance

As natural weather events are usually catastrophic and extremely costly, it is usually Re-insurers who cop the brunt of such claims. They have been funding research and lobbying governments around the world to take more responsibility on what has been established as a real threat and issue.

Reinsurers interest extends to being able to measure the amount of future reserves they will need to pay claims and then charge a premium rate accordingly. It is only competition that keeps the rates down.

After the catastropic events around the world with Hurricane Irene, Cyclone Yassi, Floods in the USA, Australia and Europe. Let alone unrelated disasters such as Earthquakes in New Zealand and Japan. The pressure is on for substantial rate increases.

The pressure is on responsible governments around the world to manage these global threats, because Insurance policies will pay for the actual event causing damage and injury, but not cover the long term cause of it.

Last changed: Sep 23 2011 at 11:32 PM


  1. None Found

Add Comment

Latest News

Finalists again in 2020

CPR Insurance Services was very pleased to be nominated again for this year's Insurance Business Magazine awards. Unfortunately the Awards night has been postponed until later due to COVID19, we very much appreciate the accolades this brings us. We have been nominated three years in a row now and won the the award the past two years. It was always going to be very hard to win three in a row.

read more

CPR Insurance Services Awarded Authorised Representative Insurance Business of the Year for 2019

Mandy and Robert Cooper were proud to receive the inaugural Authorised Representative Business of the Year from ANZIIF in the Australian Insurance Industry Awards for 2019.

We share this award with all our staff, Lauren, Guy and Sarah and thank them for their dedication in providing the best possible customer service. We also thank our clients who have made our business what it is today. We thank you all so much.

read more