The participants of this year’s “Rendez-vous de Septembre”, the meeting between reinsurers and their customers, the primary insurers, were given a special honor. Prince Albert II personally welcomed the participants. In his speech, he discussed the activities of his small country against climate change, which his father, Rainier III, had already initiated.
The fact that climate change is not an abstract scientific thesis and that denying it is pointless has arrived in the industry. It was not the hurricanes that caused billions in damage and caused concern, but rather extreme weather events, hail, storms, floods and drought. Events that are local and, depending on the region, leave the industry with bearable damage – human suffering is left out of the equation at this point.
More and more extreme weather
It’s just the frequency with which regions around the world deal with these extreme weather events that has the insurance industry worried. So far this year, 70 percent of all damage caused by natural disasters has been caused by hail, flood or drought. Hardly a week went by without reports of devastating forest fires in Rhodes, Hawaii or Canada. Meanwhile, Slovenia and parts of Austria sank in the floods, followed shortly afterwards by Spain and Greece.
But despite all the prince’s efforts to combat climate change – his small state, surrounded by France and the Rivera, shows how not to do it. High-rise buildings with thousands of apartments – 45 square meters at 2.5 million euros – are being built on concrete piles extending into the sea. Should a storm sweep across the Mediterranean,
Archibald Preuschat, Monte Carlo Published/Updated: , Recommendations: 9 Archibald Preuschat, Monaco Published/Updated: , Recommendations: 4 Archibald Preuschat Published/Updated: , Recommendations: 53
Monaco would certainly be a major loss event for insurers. Climate change may be perceived financially, but not much has changed in terms of action – not even in Monaco.
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