Feed: Slashdot
Feed Link: https://slashdot.org/
---
Title: Climate Crisis On Track To Destroy Capitalism, Warns Top Insurer
Link: https://news.slashdot.org/story/25/04/03/1820...
The climate crisis is on track to destroy capitalism, a top insurer has
warned, with the vast cost of extreme weather impacts leaving the financial
sector unable to operate. From a report: The world is fast approaching
temperature levels where insurers will no longer be able to offer cover for
many climate risks, said GA�nther Thallinger, on the board of Allianz SE, one
of the world's biggest insurance companies. He said that without insurance,
which is already being pulled in some places, many other financial services
become unviable, from mortgages to investments. Global carbon emissions are
still rising and current policies will result in a rise in global temperature
between 2.2C and 3.4C above pre-industrial levels. The damage at 3C will be
so great that governments will be unable to provide financial bailouts and it
will be impossible to adapt to many climate impacts, said Thallinger, who is
also the chair of the German company's investment board and was previously
CEO of Allianz Investment Management. The core business of the insurance
industry is risk management and it has long taken the dangers of global
heating very seriously. In recent reports, Aviva said extreme weather damages
for the decade to 2023 hit $2tn, while GallagherRE said the figure was $400bn
in 2024. Zurich said it was "essential" to hit net zero by 2050.
Read more of this story at Slashdot.
---
VRSS v2.1.180528
|
Slashdot 
