"Given that insurers are likely to be among the first companies affected by climate change, you might expect the industry to be better prepared than most."
"But that is not how it appears to many analysts, regulators, and industry representatives, who say insurers are showing a lack of urgency on the twin threats of massive future damage claims from weather-related events, and the prospect of growing climate change-related litigation.
A report published last September by Ceres, a Boston-based coalition of investors and environmental groups, puts it starkly. Surveying the disclosures of 88 U.S. insurance companies to the National Association of Insurance Commissioners (NAIC), it found that only 11 had formal climate change policies and that just 60 percent were assessing climate risks. ...
The report revealed a growing divide between U.S insurers and their European counterparts, who have been some of the strongest business advocates for taking action to slow global warming. European insurance executives also have been critical of the U.S industry for not being more proactive."
Ben Schiller reports for Yale Environment 360 April 23, 2012.
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