Insurance Companies Admit to Being Unprepared for Climate Change
The vast majority of insurers are unprepared to handle climate risks even though they acknowledge the impact of climate change on extreme weather events, according to a report by investor coalition Ceres.
In 2009, the National Association of Insurance Commissioners (NAIC) approved a mandatory climate risk disclosure standard for insurers, but it was later weakened in some states, which made participation voluntary and non public. Using data submitted by 88 insurers to regulators in six states, Boston-based Ceres, a coalition of investors and environmental groups, gauged the extent to which insurers see climate change as a key risk factor in their
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In 2009, the National Association of Insurance Commissioners (NAIC) approved a mandatory climate risk disclosure standard for insurers, but it was later weakened in some states, which made participation voluntary and non public. Using data submitted by 88 insurers to regulators in six states, Boston-based Ceres, a coalition of investors and environmental groups, gauged the extent to which insurers see climate change as a key risk factor in their
Read more...
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