Insurance companies to feel climate change effects most, but aren’t investing that way

Climate Change effects - Hands - globe - world

Insurers will be hit hardest by rising global temperatures, but their investments aren’t low-carbon. The insurance industry will feel climate change effects more powerfully than most other industries. That said, a new Forbes report suggests insurers are failing to invest into the low-carbon economy. The insurance sector is most threatened by droughts, floods, extreme heat and severe storms. However, the report shows that climate change effects don’t appear to be enough motivation to change investing habits. These firms are some of the largest investors in the world and stand to…

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Climate change may have a higher economic impact than previously believed

climate change city smog urban heat island effect

The damage rising global temperatures is causing may become much more expensive than predicted. A recently published report has placed the spotlight on the “urban heat island” effect of climate change. This effect was detailed in the Nature Climate Change journal, revealing that urban centers will see a considerably greater expense from global warming. The report was based on an analysis of 1,692 cities around the world and the impact changing temperatures will have. The analysis determined that the economic impact of climate change may be 2.6 times greater than…

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Will the global insurance industry save us from climate change?

global insurance industry - earth day plant growth

Earth Day turned a lot of heads toward the critical environmental issues we’re facing. The global insurance industry has stepped up and has shown that it was listening when scientists around the world made it clear that the top message they wanted to share on Earth Day 2016 was that the planet’s temperatures are rising. Regardless of whether people agree with the cause of the matter, it is happening in a measurable way. Why is the global insurance industry showing concern? For one thing, it’s made up of people who,…

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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 calls for action on climate change

Natural Disasters - Insurance Industry

Report from coalition calls for better disaster preparedness A coalition of large insurer, consumer advocacy groups, and environmental organizations called SmarterSafer has release a report that is urging the U.S. to overhaul its disaster policies in light of increasingly disastrous weather related to climate change. The insurance industry has expressed concern over climate change for years, urging companies to prepare for violent weather and petitioning governments to take more action against this phenomenon or risk potential financial disaster. Report highlights the fault of the disaster framework in the United States…

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Insurance industry may need to take climate change seriously

climate change weather storm insurance industry

Insurance regulators are calling for insurers to become more prepared for climate change Insurance regulators in the United States may be growing more supportive of efforts to combat climate change. This climatic phenomenon has the potential to be the most disruptive force that the insurance industry has faced in its long history. Regulators throughout the country, represented by the National Association of Insurance Commissioners, are calling for the insurance industry to take climate change more seriously and help businesses prepare for the potential impact of this phenomenon. Regulators are becoming…

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Insurance companies aren’t ready for climate change

climate change weather storm insurance industry

A new report has shown that insurers in the United States aren’t prepared for risks associated with global warming. According to a report that was recently produced from a survey conducted by Ceres, an environmental investigator advocacy group, the majority of American insurance companies are in no way prepared to address the types of risks that could arrive as a result of climate change. This study determined that this could bring about widespread negative consequences in dealing with this important issue. Ceres surveyed 330 different insurance companies that represent about…

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Climate Change and the Insurance Industry

climate change insurance industry

Climate change is a controversial issue, but mostly because of political and philosophical beliefs. The insurance industry has been well aware of the potential impact a changing climate can have on the global environment and has been encouraging efforts to mitigate this impact. Climate change has the potential to bankrupt the insurance industry, as the phenomenon would be responsible for the increasing frequency in major natural disasters that disrupt the global economy and put a strain on the world’s resources. The insurance industry has been working to steel itself against…

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The Insurance Industry and Climate Change

Climate Change Insurance agents Industry

Insurers are taking steps to address climate change When it comes to climate change, insurance can be a tricky subject. The global insurance industry does not typically deal in “what ifs” and many large insurers are not willing to debate whether or not climate change is real. These insurers are more apt to address the issue of climate change by offering new insurance products and finding ways to mitigate the risks associated with the phenomenon. Powerful storms, rising temperatures, and depleting food and water resources are becoming issues that the…

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Lloyd’s of London calls the insurance industry to action on climate change

Lloyd’s insurance claims - Home office building

Climate change may need more attention from the insurance industry Lloyd’s of London, one of the largest insurance companies in the world, has released a new report titled “Catastrophe Modeling and Climate Change.” The issue of climate change has been steeped in controversy for some time. There are those that suggest that climate change is little more than an exaggeration of a natural process that has been occurring for millennia. Others suggest that if climate change continues to occur unabated, the human species may be faced with the very real…

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