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This
is an Insurance article by an independent author and jml
Insurance takes no responsibility for its accuracy or content Climate
Change Is Taking the Insurance Landscape by Storm
By Alex
Jameison Insurance
companies are having to assist their clients to learn and implement far reaching
changes to the properties. They are offering to help people get their homes secured,
making necessary modifications to shore up flood protection and strengthen building
structures against storms and hurricanes. Insurers are also increasingly willing
to foot the bill for some of these modifications. The
industry has finally realized that to survive, it needs to take an active role
in helping the people it provides with cover by assessing risks and offering help.
It is often more economical for the companies to put some damage control measures
in place before the next natural disaster occurs. By doing so, insurance companies
are helping their clients to protect their lives and properties while minimizing
insurance risks for themselves. More
people than ever before are now living in flood prone regions and in hurricane
belts. This has been in part as a result of more people choosing to live in costal
areas, coupled with global warming and the rising sea levels. The increasing menace
from rising sea levels means that more and more homes will be exposed to the caprices
of the weather. In
1992, hurricane Andrew, wreaked havoc in the southern costal cities of the united
states causing damages in the tune of 25 billion dollars. It is perhaps, the single
event that marked the dawning of a new era for insurance companies. In
the wake of hurricane Andrew, the insurance industry was said to have parted with
billions of dollars. Several companies went bankrupt after splashing out huge
sums in damage claims. 1989
to 1994 saw the insurance companies splash out 69 billion dollars in damage claims,
about 20 billion dollars more than the previous five year interval. This 40% increase
in damage claims payments was a sign of things to come. Faced
with possibility of an uncertain future and the prospects of major disasters on
the back of global warming, the industry has chosen to clean up its act. Clean
up is perhaps, too harsh an expression, but in order to continue to bring back
huge profits, it was vital for the industry to adopt more preemptive damage control
measures. The
reality is, that faced with an increased frequency and intensity of storms and
other natural disasters, the only end in sight for everyone might well mean higher
premiums. home
insurance resources Article
Source: http://EzineArticles.com/?expert=Alex_Jameison The
information supplied on this page is by a third party and jml Property Services
do not take any responsibility to its accuracy ©jmlpropertyservices 11/06
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