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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.
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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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