Global Warming. This is a subject on which I need to further educate myself before offering an opinion. So I won't. What I will do is bring to your attention the trend of insurance companies to cancel insurance citing global warming.
According to Newsweek, hundreds of policy holders along the Eastern Seaboard are being dropped by their insurers. Others are being faced with massive increases in their deductibles and premiums. Allstate won't renew 30,000 policies in and around New York City.
Insurers are citing 'extreme weather events' as the reason for the cancellations and increases. Insurers claim global warming as the cause. Weather related claims have increased from $1 billion in the 1970's to $71 billion in 2005. Scientists and modelers have determined that increasing temperatures in the Atlantic could cause a major storm with catastrophic financial losses. A Category 5 storm could exceed the capacity of the entire insurance industry.
Fifty-four percent of the US population lives within 50 miles of a coast. If this cancellation trend continues, how many will find themselves without coverage?
