High insurance rates will persist as temperatures rise, expert says

04/6/2007 | Insurance Journal

Insurers will continue raising rates and canceling policies in Florida if the climate continues to warm, according to an insurance expert. "What we have seen in recent years in terms of insurance losses are but a harbinger of things to come," say Tim Wagner, co-chairman of the Climate Change and Global Warming Task Force for the National Association of Insurance Commissioners. "Insurance is priced based on statistics and probability. What climate change has done is create ambiguity and uncertainty in the pricing scenario."

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