To this point, I have painted the picture that a verification of global warming’s effect on earthquakes and volcanoes would be unwelcome news. This does not apply to everyone: in particular the insurance companies who have already begun to put a price tag on natural catastrophes. Whilst politicians and scientists have not obtained sufficient evidence to blame tectonic plate disasters on global warming, this has not stopped the insurance industry pouncing on the latest money-making scheme.
This movement began in 2008 when a study by Ernst & Young coined global warming as “the greatest strategic risk currently facing the property/casualty insurance industry”. The acceptance that all natural disasters from hurricanes to tsunamis are ‘man-made’ has unleashed a plethora of litigants to take to court. 2011 has by far been the most costly year, with the cost of disasters surpassing previous years within the first six months. The majority of this expense came from the Japanese tsunami which was ultimately valued at $210 million. In an absurd statement about the 8.9 earthquake that devastated Japan, the EU’s Economic and Social Committee president said the following:
“The earthquake and tsunami will clearly have a severe impact on the economic and social activities of the regions. Some islands affected by climate change have been hit. Has not the time come to demonstrate on solidarity – not least solidarity in combating and adapting to climate change and global warming? Mother Nature has again given us a sign that this is what we need to do”
It is comments like this that give the public a false impression. In a way, it indoctrinates readers to the extent that pure fact are ignored; we can say with certainty that Japan sits atop a subduction zone and is therefore notoriously at risk of major quakes but this is not mentioned in the statement above. This ignorance is abused by big businesses who see global warming as a profitable tool to exploit.
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