A rise in global temperatures could lead to more expensive and harder to obtain property insurance in the United Kingdom and throughout the world, according to a new report published today by the Association of British Insurers (ABI). In the U.K., predicted temperature changes could significantly increase the insured cost of flood damage. The cost of windstorm damage is also likely to increase, says the report.
Catastrophe risk modeling companies AIR Worldwide Corp. and weather forecaster Met Office produced the ABI report, “The Financial Risks of Climate Change.” Using current climate and insurance catastrophe models, it examines the financial implications of the widely predicted temperature increases of two, four and six degrees Celsius on the insured cost of flood and windstorm damage in the U.K., and of typhoons in China.
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