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The most recent estimates for total losses and damages from Superstorm Sandy will end up causing about $20 billion in property damages and $10 billion to $30 billion more in lost business, according to IHS Global Insight, a forecasting firm. More than thirty percent of these losses will be realized by New York City. Mayor Bloomberg has recently raised the issue of recent abnormal weather in the Northeast, and particularly New York City, being a glimpse into the future of what will come as a result of Global Warming.
Let’s just consider for the moment that the Mayor could be right. Can you imagine the number of insurance claims submitted by policy holders; denials of many claims by insurance companies concerned about their financial performance and the massive number of lawsuits that could result from this activity?
While we are not trying to suggest that the sky is falling, the following video posted on YouTube by the Wall Street Journal foretells that recent catastrophic weather related events may only be the beginning of much worse things to come in the future. Assuming that there is actually a correlation between global warming caused by our abuse of the environment and changes in weather patterns, the recent storm should serve as a wake up call for environmental responsibility.
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