New measures from insurance industry re climate change
by Kay Murchie
The Association of British Insurers (ABI) has announced that a major new scheme has been launched within the insurance industry to encourage its customers to help in the challenge against climate change.
In an attempt to raise awareness and support action on climate change, reinsurers, brokers and leading global insurers have introduced the ClimateWise principles, which will enable organisations to make climate change a priority in their operations. The objective of ClimateWise is to practice more climate-friendly behaviour, investment strategy and risk analysis.
The scheme has been built up over the last 9 months via the ABI and His Royal Highness’s Business and the Environment Programme and Business in the Community. The Prince of Wales commented that the ClimateWise principles are aimed at those areas of skill and expertise within the insurance industry and are the result of 12 months hard work. I sincerely hope that they will be useful in encouraging both collective and individual action to deal with climate change and I do applaud all parties involved in the project.
The Chief Executive of AXA Insurance and Chairman of the Industry Working Group, Peter Hubbard, commented that the responsibility for addressing global warming lies with everyone and will needs co-operation and agreement amongst individuals, businesses and countries.
Director General of the Association of British Insurers, Stephen Haddrill, remarked that the insurance industry guarantees that we are all better equipped to handle the changing climate but more needs to be done. The principles will help us to do so by promoting climate-friendly behaviour among our customers, through our risk analysis and investment strategy.
F&C Asset Management has warned that the insurance industry will suffer the effects of climate change if greater measures are not taken to reverse the effects. Severe weather conditions such as flooding, fires and hurricanes will result in a continuous rise in the number of house insurance, health and life insurance, car insurance and liability and indemnity insurance claims.
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