GAO: Climate Change to Increase Flood, Crop Insurance Losses
After an analysis of 20 scientific studies, the Government Accountability Office (GAO) reported that climate change "may substantially increase losses by 2040 and increase losses by about 50 to 100 percent by 2100."
Exposure to losses for property insured under the National Flood Insurance Program (NFIP) and crop insurance program grew 8 percent to $1.4 trillion over the last six years because of population growth and hikes in property value in hazard-prone areas. Annual insurance losses related to hurricanes would nearly double by 2100 to nearly $33 billion, according to the GAO. Of the $1.4 trillion in property insured through the two programs in 2013, most of that — $1.3 trillion — was through the flood insurance program.
Climate Change to Increase Flood, Crop Insurance Losses (USA Today 11/20/14)