Tag: climate change coverage

Treasury Department investigates insurance coverage impact of climate change

Logan B.
Insurance coverage - Climate Change Investigation

Concern is rising over the harm increasingly extreme weather is having on property rates and availability. The US Treasury Department is addressing rising concern over the impact of climate change on the availability and affordability of property insurance in disaster-prone areas. The Treasury is now launching the first nationwide insurers’ financial exposure assessment to climate risk. A preliminary email was issued by the Federal Insurance Office to regulators in every state. The email requested the data they had available for insurance coverage, liabilities and losses across the last half decade…

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Insurance industry taking a close look at limiting climate change exposure

Julie Campbell
Insurance industry - Fossil Fuels - Coal Plant

As a part of its efforts, it is taking certain moves away from fossil fuels, particularly in coal. The insurance industry is taking the threats from climate change increasingly seriously and as a part of its efforts to limit exposure, it is moving away from fossil fuels that pose the highest risk. Twenty-three companies have adopted coverage limiting or cessation policies for the coal sector. “This was not an issue that was central in the insurance sector, even 7 years ago,” explained Insurance Bureau of Canada national director of climate…

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Homeowners insurance rate increases blamed on climate change

Climate Change homeowners insurance industry

The CEO of Travelers has said that severe weather patterns are the reason prices are rising. According to Jay Fishman, the CEO and chairman for The Travelers Cos. – one of the largest insurance companies in the country – has stated that the reason that the premiums for homeowners insurance have been steadily rising over the last three years has to do with the more extreme weather patterns that are the result of climate change. Insurers have come to accept that the weather is different now than it had once…

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