nuclear-news

Climate crisis on track to destroy capitalism, warns top insurer.

Action urgently needed to save the conditions under which markets – and civilisation itself – can operate, says senior Allianz figure

The climate crisis is on track to destroy capitalism, a top insurer has
warned, with the vast cost of extreme weather impacts leaving the financial
sector unable to operate. The world is fast approaching temperature levels
where insurers will no longer be able to offer cover for many climate
risks, said Günther Thallinger, on the board of Allianz SE, one of the
world’s biggest insurance companies.

He said that without insurance,
which is already being pulled in some places, many other financial services
become unviable, from mortgages to investments. Global carbon emissions are
still rising and current policies will result in a rise in global
temperature between 2.2C and 3.4C above pre-industrial levels.

The damage at 3C will be so great that governments will be unable to provide financial
bailouts and it will be impossible to adapt to many climate impacts, said
Thallinger, who is also the chair of the German company’s investment
board and was previously CEO of Allianz Investment Management.

 Guardian 3rd April 2025 https://www.theguardian.com/environment/2025/apr/03/climate-crisis-on-track-to-destroy-capitalism-warns-allianz-insurer

April 5, 2025 - Posted by Christina Macpherson | climate change