Climate-driven floods, hurricanes, wildfires and heat waves cause billions of dollars of damage every year in the United States. Federal scientists hope that better access to climate data will help one industry adapt: property insurers.
Tag: insurance and climate change
U.K. Insurers Need to Look Closer at Climate Risks, Watchdog Says
The UK’s accounting watchdog is proposing new rules for insurance companies to ensure that actuaries take climate change risk into account. “As the importance of climate change risks grows, it is critical that actuaries consider these risks in their work,” said Mark Babington, executive director of regulatory standards for the Financial Reporting Council, in a… Continue reading U.K. Insurers Need to Look Closer at Climate Risks, Watchdog Says
Insurers Need to Do More to Prepare for Climate Change, BoE Says
The Bank of England (BoE) said on Wednesday that insurers must fill data gaps in order to be better prepared for the impact of climate change on their operations, and that additional research on how much capital they should hold may be required. The Bank of England recently published the results of its first climate-related… Continue reading Insurers Need to Do More to Prepare for Climate Change, BoE Says
NEW REPORT: U.S. Insurance Companies Providing a Last Lifeline to Coal
The U.S. insurance industry is undermining efforts to meet climate targets by continuing to support new oil and gas production, the Insure Our Future campaign reveals today in its fifth annual scorecard on insurers’ climate policies. The scorecard shows that no North American insurers have stopped providing insurance for new oil and gas projects, despite… Continue reading NEW REPORT: U.S. Insurance Companies Providing a Last Lifeline to Coal
Climate Change Replaces Pandemic as Insurers’ Biggest Worry
Climate change has returned to the top of the list of insurers’ biggest concerns as the vaccine roll-out and gradual lifting of health restrictions see pandemic fears ease in many countries. Global warming was ranked as the biggest risk to society over the next five to 10 years in a report released Tuesday by French… Continue reading Climate Change Replaces Pandemic as Insurers’ Biggest Worry
Why Snow, Hail and Wildfire Are Expensive for the Insurance Industry
If you’re having trouble wrapping your mind around the spree of natural catastrophes currently plaguing the world—from deadly July floods in Germany and China to the wildfires still burning in Greece, California and Siberia —you may be interested to know the professional risk calculators are too. Climate change is exacerbating extreme and freak weather events… Continue reading Why Snow, Hail and Wildfire Are Expensive for the Insurance Industry
NAIC Task Force Meets to Address Climate and Resiliency
The National Association of Insurance Commissioners (NAIC) discussed the work of its Climate and Resiliency Task Force during meetings of insurance regulators last week, coordinating state-level efforts to address growing climate risk in the insurance sector. The Climate and Resiliency Task Force coordinates the NAIC’s domestic and international efforts on climate and resiliency issues, including… Continue reading NAIC Task Force Meets to Address Climate and Resiliency
Scared Central Banks Face Up to Threats from Climate Change
Bank of England Governor Mark Carney was in no mood for laughter as he stood in his tuxedo before the great and good of the British insurance industry. “I’m going to give you a speech without a joke, I’m afraid,” Carney began his remarks on the night of Sept. 29, 2015, at Lloyd’s of London.… Continue reading Scared Central Banks Face Up to Threats from Climate Change