Swiss Re insurance stops covering coal-dependent companies

Swiss Re insurance - Coal Station

The massive insurer is a part of a growing movement finding that fossil fuels are becoming a liability. The Swiss Re insurance giant has implemented a new policy against covering firms highly reliant on coal. As the world works to eliminate coal power, firms are finding that the move is as good for their bottom line as it is for the environment. The insurance industry is starting to see many fossil fuels as a type of reliance too risky to cover. The new Swiss Re insurance coverage policy will refuse…

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California home insurance is harder to get with each new climate-related disaster

California home insurance - Home in California

Insurers take wildfires, high tide flooding and other issues into consideration before selling a policy. California home insurance is becoming increasingly challenging to find for many homeowners affected by climate-related disasters. Insurers are using climate science to estimate the risk associated with a property when it comes to a number of different perils. Insurers are no longer assuming that homes that were once in low-risk areas continue to be so. The last few years have shown that homes never affected by climate-related disasters are not immune to those events. High…

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Climate change will be challenging for insurance companies, says Moody’s

Climate Change - Insurance - Earth in Flood and Fire

A new report revealed the impact of warming climates worldwide on the insurance industry. The impact of climate change on the economy will have an increased liability risk for insurance companies. Catastrophes related to extreme weather are becoming more severe and frequent, according to a Moody’s Investors Service report. The report pointed to the rising instance of weather disasters like Hurricane Harvey in 2017. Moody’s Investors Service recently released a report. It investigated the economic aftermath of climate change. Insurance companies will face an increased liability risk from more frequent…

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Climate change and severe weather could increase insurance rates for everyone

climate change extreme weather drought storms

Even homeowners who don’t reside in areas struck by recent hurricanes could feel the pinch. Homeowners across America wouldn’t likely be surprised to hear that climate change and the severe weather coming with it could raise insurance rates in areas like Florida and Texas. That said, just because an area wasn’t struck by Harvey or Irma, it doesn’t mean rates won’t rise there, too. Motorists and homeowners throughout many U.S. states will likely watch premiums rise over the next while. Insurance companies are being increasingly affected by climate change. Severe…

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Climate change challenges getting the best of most insurance companies

climate change challenges

A recent report showed that the majority of insurers are not keeping up with the trends when making investment decisions. When it comes to the climate change challenges faced by insurance companies, many are not being met. In fact, a recent study said 90 percent of insurers are failing in this important area. Insurance companies aren’t considering climate change when they decide on investments, said the report. This information was presented by the Asset Owners Disclosure Project in a report they published. The Asset Owners Disclosure Project conducted the research.…

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Warren Buffett’s insurance industry forecast might surprise you

Insurance Industry Forecast by Warren Buffett of Berkshire Hathaway

According to the head of Berkshire Hathaway, insurers should worry about self-driving cars, not climate change. At the Berkshire Hathaway shareholder meeting last weekend, Warren Buffett shared his insurance industry forecast and brought up a number of trends and innovations that have been the topic of conversation among experts in this arena. The main point that has drawn the spotlight is that Buffett doesn’t feel climate change will harm the industry. According to the insurance industry forecast he shared, climate change shouldn’t be causing any pain to his business. This…

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Climate risk insurance gets $30 million from United States

health care reform rebate money

The goal of this investment into the coverage is to help to ensure the poor will be protected against changing weather patterns. President Barack Obama recently announced that the United States would be contributing $30 million toward coverage from climate risk insurance programs throughout the Pacific, Central America and Africa. The announcement was made by the president while he attended a meeting in Paris with small island nation leaders. The U.S. Department of State added to the president’s announcement by explaining that these funds are a component of a larger…

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Climate change extremes force the insurance industry to form new strategies

climate change insurance industry

As the weather breaks away from historical trends and reaches record breaking highs and lows, insurers face increasing costs. Now that climate change has become a measured and broadly accepted occurrence – despite the ongoing controversy surrounding its cause – the insurance industry is finding itself facing the brunt of the costs generated by the damage caused by extreme weather and it is seeking new strategies to reduce those expenses. In order to do this, insurance companies are hoping that efforts can be made to reduce damages in the first…

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Climate change is proving unsettling for insurance agents

Climate Change Insurance agents Industry

Lloyd’s of London has revealed that it is starting to look into potential catastrophes from the new reality. Lloyd’s of London has just released a document that is rather unsettling to insurance agents in the way that it has shown that it is currently exploring potential apocalyptic disasters that could result from the impact of climate change on the current structure of the world. The report detailed the way that there could essentially be a worldwide meltdown from a food supply chain failure. This was far from the type of…

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Current insurance trends aren’t enough protection from climate change

Natural Disaster damage insurance trends

Wealthier nations can afford the premiums for coverage but poorer countries don’t have that privilege. The insurance trends that are currently in place do have a focus on providing protection for those who are the most vulnerable against the types of peril that the weather can cause, particularly in the case of farmers who are the primary suppliers of food. But as extreme weather becomes more commonplace, some wonder whether these efforts will be enough. While many believe that the necessary arrangements will be possible to protect against the damage…

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