Fed. Insurers Not Ready For Climate Change: Report

Law360, New York (April 20, 2007, 12:00 AM EDT) -- Unlike private insurers, which are incorporating climate change into their risk management practices, federal insurers have done virtually nothing to prepare themselves for an increase in floods, droughts, pestilence, fires and storms, according to government auditors.

In a report presented Thursday to the Senate Committee on Homeland Security and Governmental Affairs, the Government Accountability Office said both the National Flood Insurance Program and the Federal Crop Insurance Corp. would risk facing billions of dollars in damage claims if they didn’t act soon.

As a result, the...
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