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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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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Insurance industry isn’t ready for what climate change has in store

insurance industry climate change

The damaging severe weather is becoming more frequent and more expensive in the U.S. Last year in the United States, there were 11 extreme weather events that struck various parts of the country each leaving a minimum of $1 billion worth of damages behind, as well as thousands upon thousands of claims to the insurance industry. Superstorm Sandy, alone, left behind economic losses of $50 billion, not to mention the loss of human life. That storm also brought with it a cost tens of billions to the insurance industry, particularly…

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Insurance companies in three states required to provide their response plans for climate change

The insurance commissioners for New York, California, and Washington state have announced that they will now be requiring insurers to disclose a climate change response plan that will outline the way in which they plan to respond to the changing risks that customers and businesses face as wildfires, severe storms, and rising sea levels become more common. Until now, those three states have asked only about a third of the larger insurance companies to provide information in the form of responses to a survey, but for all other insurers, it…

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