Climate change may be a controversial issue in the world of politics, but the insurance industry is betting on dramatic weather becoming a reality in the near future. The belief of the global insurance industry is shared by the United Nations. The UN’s Intergovernmental Panel on Climate Change has released a report concerning climate-related disasters, indicating that all nations will be susceptible to extreme weather. The report is aimed at politicians around the world, stressing the necessity of preparing for future disasters wrought by climate change.
The United Nations claims that the report is the most up-to-date assessment of the risks of climate change. The report spans 594 pages and concludes that there is now enough information available concerning the matter for politicians to begin taking action. Few countries have shown interest in tackling the problems presented by climate change, a fact that the UN finds disheartening.
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The insurance industry, on the other hand, has long been preparing for cataclysmic natural disasters. Companies around the world are making use of more advanced risk modeling techniques and changing some insurance policies to be more inclusive of flooding and wind damage.
The UN report takes a different approach on the issue of climate change. Past reports from the governing body have focused on curbing greenhouse emissions. This subject has lead to significant problems in talks between nations concerning the matter. The latest report, however, offers a number of different strategies to help countries mitigate the effects of extreme weather.