Tag: insurance industry climate change

Insurance industry climate needs spur new NOAA and NSF research center

Marc
Insurance industry Needs and Climate Change -

A new agreement between the NOAA and NSF will support the creation of the new facility. The National Oceanic and Atmospheric Administration (NOAA) and National Science Foundation (NSF) have reached an agreement to establish a research center in order to help meet the changing needs of the insurance industry due to climate change. Insurers and reinsurers are among those experiencing the earliest repercussions of climate change. Moreover, the reinsurance and insurance industry are also among those who must develop a specific response to climate change. It must adapt to rapidly…

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Treasury Department investigates insurance coverage impact of climate change

Logan B.
Insurance coverage - Climate Change Investigation

Concern is rising over the harm increasingly extreme weather is having on property rates and availability. The US Treasury Department is addressing rising concern over the impact of climate change on the availability and affordability of property insurance in disaster-prone areas. The Treasury is now launching the first nationwide insurers’ financial exposure assessment to climate risk. A preliminary email was issued by the Federal Insurance Office to regulators in every state. The email requested the data they had available for insurance coverage, liabilities and losses across the last half decade…

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Insurance industry official calls for more climate change risk assessment

H. Cutner
Insurance industry - Risk Assessment Climate Change

At the same time, the III CEO said that what is not needed is for politics to get in the way. Insurance Information Institute (III) CEO Sean Kevelighan has said that it’s time for the insurance industry to focus on assessing climate risk while putting aside politics that stand in the way of assisting communities most vulnerable to those risks. The non-profit III has a focus on public education and outreach with over 60 insurer members. The III, also known as Triple-I, has been working hard to educate and support…

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Will the California Department of Insurance report recreate the industry?

Logan B.
California Department of Insurance - Climate Change California

Since August, the state has faced record levels of rain, drought, and wildfires. The California Department of Insurance is taking on climate change and its impact on the industry in the state as it faces challenges increasing in frequency and intensity. The extremes that are regularly affecting the state have reached a point that many people can’t afford coverage. Residents and the businesses are reaching the point that they cannot afford the high premiums their insurers must charge to reflect the risk, and the state can’t afford to have a…

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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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The Insurance Industry and Climate Change

Note From The Editor
Climate Change Insurance agents Industry

Climate change does not escape the notice of insurers Climate change is a controversial issue, but not so controversial that the insurance industry would avoid it. Indeed, many insurance groups around the world are beginning to consider climate change a very serious problem that should receive equally serious attention. While climate change has become heavily politicized, the insurance industry is keen to remain somewhat neutral on the matter, suggesting that the potential damages that can be associated with climate change are a more important subject than the cause of climate…

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Insurance industry becoming a fierce opponent of climate change

Nordstrom
Climate Change homeowners insurance industry

Insurance industry continues to consider climate change a problem The insurance industry has long been attuned to the potential threat represented by climate change. For some insurers, climate change is not an issue of debate, as they are primarily concerned with the intensity and frequency of natural disasters. Over the past two years, the insurance industry has seen trillions in losses associated with uncharacteristically powerful natural disasters, such as Hurricane Sandy, which struck the U.S. in late November. Though climate change remains a volatile subject in the world of politics…

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