Extreme weather - R+V: Climate change could make insurance unaffordable
According to the insurance industry, climate change could make building insurance unaffordable in some cases. "We are gradually heading towards the uninsurability of risks," warned R+V CEO Norbert Rollinger, who is also President of the German Insurance Association (GDV), in an interview with the VRM media group (Saturday).
Rollinger repeated earlier statements according to which insurance cover in the building sector will practically no longer be possible at three or four degrees of global warming: "Then insurance will become so unpredictable and so expensive that we will no longer be able to make an economically viable offer."
The threat of more extreme weather events
The Paris Climate Agreement of 2015 sets out the goal of stopping global warming at 1.5 degrees if possible and thus preventing the worst consequences of climate change. Scientists warn that every tenth of a degree more warming would have even more catastrophic consequences in the form of even more extreme weather events.
"Thousands of houses are still being built in flood zones. This must be stopped," demanded Rollinger. "Insurance premiums will double in the coming years if there is no adaptation to the consequences of climate change," said the R+V boss in an interview with VRM("Allgemeine Zeitung Mainz", "Wiesbadener Kurier", "Darmstädter Echo").
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- Despite the Paris Climate Agreement's goal of limiting global warming to 1.5 degrees to prevent severe climate change consequences, scientists warn that even a tenth of a degree more warming could lead to even more extreme weather events in Germany, particularly in regions like Hesse.
- In light of these predictions, Norbert Rollinger, the CEO of R+V and President of the GDV, advocates for the cessation of building thousands of houses in flood zones, as insurance premiums are expected to double in the near future if no adaptation measures are taken towards climate change consequences.
- Rollinger's warnings about the increasing unaffordability of insurance in some areas due to climate change echo earlier statements, emphasizing that insurance cover in the building sector will be virtually impossible at three or four degrees of global warming due to the unpredictability and extreme cost of offers.
- The German Insurance Association (GDV) and R+V, one of the leading insurance companies in Germany, have played a significant role in bringing attention to the impact of climate change on the insurance industry, as extreme weather events could potentially lead to the uninsurability of risks.
- The VRM media group interviewed Norbert Rollinger about his concerns, with Rollinger expressing his sentiments to various German newspapers, such as the "Allgemeine Zeitung Mainz," "Wiesbadener Kurier," and "Darmstädter Echo."
Source: www.stern.de
