The insurance industry is aware of the costs of climate change. After all, they’re in the business of insuring potential climate related damages. Under the scenario of German Institute for Economic Research, depending on when effective climate related policies are implemented, the damages could be worth up to $20 trillion by year 2100 if nothing is being implemented. Okay 2100 seems like a long time. You and I might probably not going to be around anymore, however, our kids, grandkids, and great-great grandkids – gonna be around – to witness the long-term implications of climate change, if we do nothing. Now.
More than 100 of the world’s top insurance companies have issued a United Nations-backed call for governments to use risk management techniques and insurance know-how to help developing nations adapt to climate change. [UN News]
The potential damages will be close to home, when it’s related to health and food security. So, take a look at the few images below.
Potential climate change impacts with temperature change
Falling rice productions
Business as usual (left) scenario vs. if we take action to reduce the impact.
Potential health impacts of climate change
[via Allianz Group]
For more climate related details, here.