The National Resources Defense Council (NRDC) says private insurers are turning away from climate-change risks, sending an "unmistakeable signal" that such risks are increasing and that costs to society are climbing, but an insurance industry association disputed some of the figures used to arrive at that assumption.
In a report, the NRDC says taxpayers shelled out nearly $100 billion last year through federal insurance to clean up weather-related damage caused by climate change in 2012 — three times the cost of claims paid by private insurers.
The NRDC says 2012 was the second-most expensive weather catastrophe year in the history of the U.S., totaling more than $139 billion from losses related to forest fires, crop loss, and wind damage, and the group contends that private insurers only covered a quarter of these costs.
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