Insurance companies hedge their bets on global warming
A scientist at a Charleston conference about the effects of global warming and rising sea levels on coastal communities said:
The rising ocean is "going to shave off a ton of landscape along the coast," which could drown marshes that act as buffers for storm surge, raising the likelihood of major flooding when the next hurricane hits, said Jim Morris, marine studies professor at the University of South Carolina and director of its Belle W. Baruch Institute for Marine and Coastal Sciences.Then there's this from a panel discussion at the conference about insurance along the South Carolina coast:
While climate change and global warming have plenty of skeptics, said state Insurance Director Eleanor Kitzman, “the insurance industry believes in this issue and it is affecting the way they do business — which affects the citizens of South Carolina and the economy of this state and that gets my attention.”According to the article, insurance premiums along the South Carolina coast have increased 100% for homes and up to 700% for condos.
Not only are premiums increasing dramatically, she said, but the availability of insurance is not keeping pace with the demand because of the continuing growth in coastal areas.
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