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23 Nov 2000
Leading insurance firm CGNU has warned delegates attending the international World Climate Change Conference, taking place at The Hague, that damage to property due to global warming could bankrupt the world by 2065.
According to Director of General Insurance Development at CGNU, Dr Andrew Dlugolecki, the rate of damage to homes, buildings, and facilities is rising at an alarming speed due to changing weather and at present rates would eventually exceed all the world's wealth. Mr Dlugolecki said that at the current rate of growth of damage of 10%a year, damage would exceed Gross Domestic Product by 2065 and that the insurance industry was in danger of "running out of money'', to deal with the disasters.
Less than 48 hours now remain for countries to reach an agreement to truly begin the process by which we will begin to halt and then reverse the problem of global warming.
Mark Johnston, Climate Campaigner at Friends of the Earth said:
"It is clearer now than ever before that tough international action is needed to tackle climate change. This stark warning must help focus the minds of everyone sitting round the negotiation table at the climate summit. We've all seen the storm warnings, now we are being told the financial forecast. These talks must not fail to produce a deal that will prevent future climate chaos."
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