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…

Read More

Insurance industry may be woefully unprepared for climate change

rain umbrella coverage insurance industry climate change

Survey finds that majority of US insurers are not prepared to deal with climate risks Ceres, an environmental investor advocacy group, has released the results of a new survey it has conducted in the insurance industry. According to the survey, the majority of U.S. insurance companies are woefully unprepared to handle the risks associated with climate change. While many insurers have been relatively cavalier with their claims that not enough is being done to mitigate climate change, several companies have done little to prepare themselves for future environmental risks. 10%…

Read More

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…

Read More

Predicted disasters from climate change may make or break the industry

Insurance Industry Climate change

Climate change is often a controversial and uncomfortable subject, but this is not necessarily the case in the insurance industry. For years, insurance companies have been pressuring governments to take more action on the climate change problem, citing scientific studies and their own actuarial analysis regarding the future impact of the phenomenon. In the U.S., some insurance companies have gone so far as to file lawsuits against states that have not done enough to mitigate the risks of natural disasters. Insurance and climate change have become intertwined over the past…

Read More

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…

Read More

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…

Read More

Insurance news takes off with class action climate change lawsuit against government

insurance news climate change lawsuit

Farmers has now filed nine different suits against local Chicago area governments. The latest insurance news is now showing that in April, Farmers Insurance Co. had filed nine separate class action lawsuits regarding the impact of climate change within the Chicago area. These lawsuits have been filed against local governments within the area of that city. The argument being made by Farmers in this insurance news is that those local Chicago area governments were perfectly aware of the impact of climate change and that it is bringing heavier rainfalls to…

Read More