August 1, 2008
Since 2004, GreenHomeNYC has presented monthly articles on green building construction, renovations, and management in The Cooperator, a Yale Robbins newspaper serving 3,300 New York City cooperatives and condominiums.
Green Building Insurance Practices
The Climate is A-Changing
By Erik D. Nevala-Lee
One impact of climate change is being felt as natural disasters of increasing frequency and strength are causing extensive damage to homes and businesses. The four hurricanes of 2005—Katrina, Rita, Wilma and Dennis—caused more than $57 billion in insured losses from 3.3 million claims—the largest losses on record for the insurance industry. This sort of loss quickly makes insurers reevaluate the market and its potential risks. One way the insurance industry is dealing with the increased risk due to climate change is to leave the market.