Insurers Calculate How To Increase Your Green Premium
David Weymouth, group operations & risk director at RSA, is leading a group of the company's staff on a whistlestop tour of Canada, taking in Toronto, Winnipeg, Churchill and Calgary.
Mr Weymouth is keen to stress that the effects could soon be clearly evident much closer to home.
"Arctic ice is melting – what does that mean in reality? It could mean that the house I own, that is currently outside a flood plain, finds itself in one if the tide goes up another metre...The consequences are serious."
All that floating ice melting will push up the water level by about the square root of fuck all, unlike your insurance premium which will rise....
RSA saw net written premiums rise 11pc to £6.1bn in the nine months to September 30, while the group expects to deliver a combined ratio of less than 95pc in 2011 (a key measure of underwriting profitability, with figures under 100 reflecting a profit).