Tag: insurance industry and climate change

Insurance industry may need to take climate change seriously

Marc
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 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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Investors call for private sector to mobilize against climate change

S.Vagus

Despite controversy, the issue of climate change is gaining serious momentum with various industries. During a session of the United Nations last week, a group of investors with a collective $26 trillion under management, took a stand on the issue, claiming that the private sector needs to be more involved in protecting the environment and that no singular government can solve the problem. The collective group is comprised of insurance professionals, government officials and business leaders from all over the world. Few governments have taken the issue of climate change…

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Climate change becoming a major focus for the global insurance industry, according to Munich Re

S.Vagus

Last year has garnered major notoriety for the number and severity of natural disasters it played host to. 2011 has become widely recognized in the insurance industry as the costliest year in recent history in regards to natural disasters. While estimates varying regarding the total cost of disasters, Munich Re, a reinsurance and risk modeling organization, claims that 2011 generated more than $380 billion in worldwide insured losses, only a third of which was paid by insurance companies. The disasters have caused the global insurance industry to raise prices, but…

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California climate change conference discusses issues and economic impact on insurance industry as well others

Julie Campbell

The long awaited climate conference was launched by Democratic Governor Jerry Brown, where he made a strong attack on the Republican party, libertarians, and other groups that refuse to believe that we are in a period of climate change and that this will increase the number of risks to which Californians are exposed. There were approximately 250 leaders for business and energy policy who were present at Brown’s “Extreme Climate Risks and California’s Future” conference, which lasted a day and was held in San Francisco at the California Academy of…

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