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Hurricane Sandy

What Role Should Climate Risk Play in Insurers’ Business Strategies?

Insurers are in the business of managing risk. But does this include risks associated with climate change? A growing number of insurance companies say yes, according to a new report by sustainability advocacy organization Ceres. But most insurers still give climate change risk minimal attention. Two years ago insurance regulators … Read more »

Insurance Companies’ Fossil Fuel Investments a ‘Potential $459 Billion Liability’

Insurance Companies’ Fossil Fuel Investments a ‘Potential $459 Billion Liability’

The insurance industry’s massive investments in fossil fuel companies — to the tune of $459 billion — represents a risky bet as demand for coal, oil and gas drops and renewable energy gains momentum, according to a Ceres report released yesterday. Insurance groups Ameriprise (12.4 percent), Lincoln National (11.8 percent) … Read more »

Insurance Industry Could be Global Warming’s Toughest Foe

Earth to the Earthly: Global temperatures are rising and threatening both commerce and the ecology — a message that climate scientists want to convey on this Earth Day 2016. And they have an uncommon but strong ally: the insurance industry, which doesn’t want to get stuck with the bill.  Uncommon … Read more »

Report: Insurance Companies Unprepared for Climate Change Risks

Report: Insurance Companies Unprepared for Climate Change Risks

Eighty-three percent of insurance companies responding to an industry survey are lacking preparedness in addressing climate-related risks and opportunities, according to a report released today by Ceres and the National Association of Insurance Companies. Only nine insurers, or 3 percent of the 330 responding companies, earned a “leading” rating, with the … Read more »

Ace Group

ACE Group Sets GHG Emissions Goal

Insurance company ACE Group has pledged to reduce greenhouse gas emissions by 10 percent per employee from 2012 to 2020. The commitment follows the achievement of the company’s first emissions reduction goal, which was 8 percent per employee from 2006 to 2012. Since 2006, the company’s GHG emissions have been … Read more »

Green Building Insurance Industry ‘Booming’

The green building insurance market is competitive and growing, the Insurance Journal reports, with green construction industry driving this growth. By 2015, between 40 percent and 48 percent of new non-residential construction, when measured by value, will be environmentally friendly. That equates to a $120 billion to 145 billion opportunity for … Read more »

Flood

Insurers Work with Scientists to Model Climate

Climate change isn’t increasing the risk of all adverse weather. For some types of weather events in some specific areas, the risk may actually decrease. That is just part of why it is so difficult for insurers and reinsurers to calculate risks to individual properties, Maggie Koerth-Baker writes for the … Read more »

wildfire

More States Requiring Insurers Complete Climate Risk Survey

The Connecticut and Minnesota Departments of Insurance have joined California, New York and Washington in requiring insurers respond to the Climate Risk Survey adopted in 2009 by the National Association of Insurance Commissioners. Despite NAIC approval in 2009, the remaining 45 states have declined to administer the survey. California Insurance … Read more »

Emerging Market Pioneers ‘Need Environmental Risk Awareness’

Businesses need to be increasingly aware of environmental exposures as they expand their global operations into emerging markets, according to a white paper by environmental insurer ACE Group. Many firms will benefit from the potential for growth in new markets, but a pollution incident, for example, can seriously damage a company’s … Read more »

Hurricane Sandy

Climate-Change Related Weather Pounds Insurers

The US insurance industry expects climate-change related storms and weather occurrences to worsen — but isn’t doing much to combat global warming, the New York Times reports. Peter Höppe, who heads Geo Risks Research at the reinsurance giant Munich Re, cites studies that forecast a rise in future summer droughts, … Read more »

Only 1 in 8 Insurers Has Climate Plan

Only 1 in 8 Insurers Has Climate Plan

Just one-eighth of US insurers surveyed by sustainability leadership advocate Ceres have comprehensive climate change strategies. The Ceres report, Insurer Climate Risk Disclosure Survey: 2012 Findings & Recommendations, is based on 184 company disclosures in response to a climate risk survey developed by insurance regulators. Ceres found only 23 companies – mainly large, foreign-owned … Read more »

Environmental Studies ‘Critical’ to Property Purchases

Conducting thorough due diligence on a property’s former use and any environmental issues it may face is both sensible risk management and critical to defense against lawsuits, according to John Beauchamp, environmental product head at insurance company Beazley. An All Appropriate Inquiry is the name given to such an environmental … Read more »