Tag: climate change

Severe weather is forcing the insurance industry to look twice at strategies

Julie Campbell
severe weather storm tree power

Following three solid years of dramatic catastrophes from storms and droughts, insurers may need to re-think underwriting. Climate change and severe weather are beginning to change the size, frequency, and nature of claims that are being faced by the insurance industry over the last four to five years, and it is reaching the point that insurers are starting to be advised by national groups to begin rethinking their underwriting strategies. The insured losses are on the rise from claims resulting from storms, flooding, and drought have been. According to the…

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The Insurance Industry and Climate Change

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…

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Insurance industry may be vital to solving some of the world’s problems

Logan B.
Bill Clinton insurance industry

Bill Clinton identifies three issues that are significant problems for the global community The insurance industry may be vital to helping the world overcome some of its most serious problems, according to former President Bill Clinton. Both insurance and risk management may be needed to help the global community overcome the problems relating to the inequality of access and opportunity, political instability, and climate degradation. Clinton has identified these three matters as the most significant challenges facing the world today, and insurers may be in a position to help the…

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

Julie Campbell
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…

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Climate change is forming a broadening insurance industry struggle

G. Turner
climate change insurance industry

The shift away from the traditional attitude of insurers is generating considerable controversy. While the insurance industry has traditionally been a strong supporter of the principles and behaviors of free enterprise – as it is quite the business giant – as some major carriers start to evolve their positions as a result of climate change, this has generated some disagreements to build among many of their backers in congress. Skepticism regarding the science behind the global warming claims remains among many in Congress. When it comes to the insurance industry,…

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