Getting to grips with global warming
Insurers have been forced into the front line of the fight to stop global warming and climate change and they are beginning to feel uncomfortable and exposed. While several major insurers have issued bold commitments to join the fight to halt global warming, they seem uncertain about where this might be leading them. David Worsfold reports.
As insurers struggle with the implications of what they have done so far towards addressing climate change, regulators are starting to ask them questions about how exposed they are to climate-related risks.
The insurance industry has found itself in a very awkward position. Facing up to the impact of climate change – especially carbon emissions from fossil fuels – is now top of the agenda for many supra-national bodies, such as the United Nations, the European Union and the World Bank. Climate change activists are no longer on the fringes but are listened to by these organisations, whether that be campaign groups such as Unfriend Coal or the 16-year-old Swedish school student Greta Thunberg.
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