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MONDAY, DECEMBER 4, 2006
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EDITORIAL

Climate change costing money

Those who would like to ignore or deny global climate change should consider the current thinking in the insurance industry.

Insurance underwriters are coldly realistic when they try to predict disasters so that they can decide where to risk their money, The Washington Post points out. And what they are thinking now is that the climate is changing, making destructive storms more likely.

The cost of insurance is skyrocketing and sometimes getting beyond reach in vulnerable areas, especially coastal ones. Itís happening not just in the South but also up the East Coast because hurricanes are bigger, last longer and go farther. As a result, multimillion-dollar homes are losing value because few buyers can get mortgages without proper insurance.

Climate change is an economic issue, not just an environmental one.

Former Vice President Al Gore has been warning about global warming and the resulting climate change for years, and now he has a hit movie on the subject. Mr. Gore says corrective measures such as reducing industrial pollution would benefit the economy, not hurt it. The insurance situation is evidence that heís right.

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