ABSTRACT

Economic Impacts of Global Warming: Part I - Insurance, Hearing Before the Select Committee on Energy Independence and Global Warming, House of Representatives, One Hundred Tenth Congress, First Session, May 3, 2007   [open pdf - 0B]

From the opening statement of Edward J. Markey: "The focus of today's hearing is on the potential economic harm from weather-related losses, both insured and uninsured, as our planet heats up from global warming. Over the last 25 years, extreme weather caused 88 percent of the $320 billion in total insured property losses. Since almost everything that is insured, from property, to crops, to human life and health, is susceptible to severe weather, the insurance industry is one of the most sensitive indicators of the economic repercussions of global warming. From a financial perspective the insurance industry is our canary in the climate coal mine. Last week the select committee heard testimony from some of the country's leading scientists that we are fast approaching dangerous climate change. Hurricane expert Dr. Judith Curry testified that globally the number of the most severe storms, Category 4 and 5 hurricanes, has nearly doubled since 1970. Scientists are telling us that in the future global warming will cause even more extreme weather events such as droughts, floods, heat waves and more intense storms and hurricanes. According to testimony we will hear today from the Government Accountability Office, private insurers are increasingly factoring aspects of global warming into the determinations of their overall exposure to catastrophic risk. For many private insurance companies, global warming now means that when determining risk, the past is no longer prologue." Statements, letters, and materials submitted for the record include those of the following: Edward J. Markey, F. James Sensenbrenner, Earl Blumenauer, Greg Walden, Hilda Solis, John Sullivan, Marsha W. Blackburn, Emanuel Cleaver II, John B. Stephenson, Mike Kreidler, Frank Nutter, Jerry McNerney, and John Shadegg.

Report Number:
Serial No. 110-3
Publisher:
Date:
2010
Copyright:
Public Domain
Retrieved From:
Government Printing Office, Federal Digital System: http://www.gpo.gov/fdsys/
Media Type:
application/pdf
URL:
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