Insurance giant facing downfall
Windstorms driving Global Insurance Co. bankrupt

The climate change has caused another insurance industry giant to totter. Last year Global Insurance Co., the biggest company of its kind in the world, had recourse to pay out 70 billion marks, or almost all of its reserves. The enormous number of tornados in the USA and a dozen whirlwinds in Asia and Central Europe had torn a great hole in its accounts. "Given the further increasing number of extreme climatic events we cannot insure against any new risks," a company board spokesperson declared.

He went on to announce a 500 per cent rise in premiums. Only by raising premiums to this level could Global Insurance Co. save itself from wholesale collapse. The stock exchange's reaction to this announcement was for exchange rates to plunge dramatically. (First and foremost affected were companies operating high-risk plants, such as chemical and oil corporations.)

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