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

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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United Nations conference hopes to catalyze the global insurance industry

Canada is set to host the third of seven United Nations conferences that aim to establish sustainability principles for the world’s insurance industry. The United Nation Environment Program Finance Initiative’s Principles for Sustainable Insurance, is a new initiative enacted by the U.N. to help insurance companies manage environmental risks as well as their associated social implications. Insurance officials from all over the world will be attending the conference, hoping to glean some information on how to cope with what appears to be a volatile environmental flux. The increase in natural…

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