23 november 2000
insurance firm issues global warning
climate change "will bankrupt the world"
Leading
insurance firm CGNU has warned delegates
attending theinternational World Climate
Change Conference, taking place at TheHague,
that damage to property due to global warming
could bankrupt theworld by 2065.
According to
Director of General Insurance Development at
CGNU, DrnAndrew 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."
Neil Verlander Press Office Friends of the
Earth
020 7566 1649 (t)
020 7490 0881 (f)
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