"WASHINGTON, D.C. - April 19, 2007 - Senate Homeland Security and Governmental Affairs Chairman Joe Lieberman, (D-Conn.), and Ranking Member Susan Collins, (R-Me.), Thursday cautioned federal insurance providers to consider the impact of global warming when assessing property risk or face billions of dollars in possible damage claims - at a cost to the American taxpayer and the national debt."
"At a hearing entitled "Dangerous Exposure: The Impact of Global Warming on Private and Federal Insurance," the Senators examined the practices of two taxpayer funded programs, the National Flood Insurance Program, run by the Federal Emergency Management Agency (FEMA), within the Department of Homeland Security, and the Federal Crop Insurance Corporation, run by the U.S. Department of Agriculture. According to a report released at the hearing by the Government Accountability Office, both insurance programs have not developed a long-term strategy to deal with the potentially devastating and protracted effects of global climate change, putting them far behind private insurers that have incorporated these risks into their overall assessments."
Posted by dougsimpson at April 19, 2007 08:26 PM