Munich Re Sees Climate-Related Losses Mounting

[jpak]

http://online.wsj.com/article/SB10001424052748703510304574625931956804434.html?mod=googlenews_wsj

FRANKFURT -- Munich Re AG, one of the world's largest reinsurers, Tuesday said economic and insured losses caused by climate change will continue to grow, and called for a near-term deal to ensure a substantial reduction in global greenhouse-gas emissions.

"We need as soon as possible an agreement that significantly reduces greenhouse gas emissions because the climate reacts slowly and what we fail to do now will have a bearing for decades to come," said management board member Torsten Jeworrek.

"In the light of these facts, it is very disappointing that no breakthrough was achieved at the Copenhagen climate summit in December 2009," Mr. Jeworrek said, pointing to the marked increase--more or less tripling--in major global weather-related natural disasters since 1950.

Reinsurers and primary insurers provide insurance protection against losses caused by large natural and man-made disasters.

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