In London, some of the world's largest insurance companies are swallowing ever-harder as they consider the mounting losses which they attribute specifically to man-made climate change.
Impact of Natural Disasters on Global Insurance Companies Correspondent: London, solar technology companies have reeled in scientist’s planners and most importantly investors from big European financial institutions who are seeking millions in venture capital to kick start a solar revolution. Leading the meeting, Dr. Jeremy Leggett director of one of these companies and Chairman of the British government’s Solar Task Force. Jeremy Leggett (Solar Century): A few years ago a group of scientists and policy people got together in a conference and came up with a form of words that I think captures this whole dilemma perfectly. If we keep going with – gas emissions they said the impact of global worming will be second only to nuclear war and that’s the truth of it I mean a moment is to developing countries that are suffering and their suffering will get much worse but we wanted to escape in the developed countries. Correspondent: Jeremy Leggett has presented his conclusions on the likely impact of billion dollar disasters to big insurance and reinsurance firms like Lloyd’s of London and Swiss Re. Companies that are swallowing ever harder as they consider mounting loses. Mind boggling loses which they attribute specifically to manmade climate change. Jeremy Leggett (Solar Century): The insurance companies who analyze this thing don’t use conditional language anymore. They don’t say as they used to a few years ago we may be seeing the influence of global warming here. They quite categorically and so that we are seen a dramatic trend and it is going to get much, much worse.\ We’re living in a world where the global insurance industry keeps a few hundred billion dollars for loses or loses in any one year and yet in the current world if natural disasters hit cities then we could lose that entire pool of money and conceivably just a few unlucky rolls of the dice for example a cyclone on the top or on Tokyo, a drought related wild fire getting to lose Angeles. That could bankrupt the entire global insurance industry dragging down national economies maybe even global economy with it.