The insurance industry had to cope with far higher natural catastrophe losses in 2007 than in 2006, with its unusually low loss figures.
Munich Re board member Torsten Jeworrek said, "All the facts indicate that losses caused by weather-related natural catastrophes will continue to rise. As a leading reinsurer, we are ready to deal with this. Ultimately, however, it is society as a whole which bears the cost – in the form of higher insurance premiums or infrastructure repairs financed by taxes. That is why speedy international action is needed. In addition, climate protection can bring huge economic opportunities, thanks to new technologies and increased energy efficiency. This will primarily benefit companies that are swift to act. As we have proved by years of research and new insurance products for renewable energy plants, for instance, we are determined to be among them."
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