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Climate Change and the Insurance Industry

August 2, 2014August 1, 2014 Note From The Editor

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…

The Insurance Industry and Climate Change

June 14, 2014June 12, 2014 Note From The Editor

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…

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

May 23, 2014May 20, 2014 Julie Campbell

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…

Climate change insurance is being scooped up by Chinese farmers

April 28, 2014April 28, 2014 Julie Campbell

Millions of growers have been persuaded by policymakers to cover themselves against losses from this phenomenon. Chinese farmers are more than aware of the damage that extreme weather can cause to a crop, and they are now protecting themselves with climate change insurance in the hopes of reducing the losses that they experience if severe weather should strike. Last year was a lesson that was hard learned by farmers in China, when extreme weather devastated crops. Only weeks before the rice harvest, last summer, paddies were struck by extreme weather…

Insurance industry seeks climate change support

April 14, 2014April 12, 2014 Julie Campbell

Climate Change homeowners insurance industry

After a year of record droughts followed by a year of record flooding, cooperation could be key. In the aftermath of the flooding that was experienced last year throughout many regions of the United States and Canada, the insurance industry found itself facing what could only be defined as a public relations nightmare. Residents of these hard hit zones have faced huge rebuilding costs and banks found themselves in binds. Banks in the areas that were struck by the most flooding, last year, found themselves holding mortgages for properties that…