One would think the insurance industry would be proactive confronting and preparing for the long term effects of climate change. The mounting costs of hurricanes, droughts and floods have already reached catastrophic levels. But last week’s assessment by Ceres on insurance and climate change revealed insurers are “not very” prepared for climate change’s impacts on their business.
The Insurer Climate Risk Disclosure Survey queried over 180 companies with at least $300 million in direct written premiums. These agencies filed documents related to climate-change risks in California, New York or Washington because insurance regulators in those states require insurers to disclose climate-related material information. The report’s findings, as well as Ceres’ suggestions, are important because without a viable insurance sector, business--everywhere--STOPS. With climate volatility on the rise, and trends still witnessing populations moving to at-risk coastal and arid regions, insurance companies have got to take more action in planning for climate change in order to withstand future disasters.
Based in Fresno, California, Leon Kaye is the editor of GreenGoPost.com and frequently writes about business sustainability strategy. Leon also contributes to Guardian Sustainable Business; his work has also appeared on Sustainable Brands, Inhabitat and Earth911. Most recently he explored children’s health issues in India with the International Reporting Project. You can follow Leon and ask him questions on Twitter or Instagram (greengopost).
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Leon Kaye has written for 3p since 2010 and become executive editor in 2018. His previous work includes writing for the Guardian as well as other online and print publications. In addition, he's worked in sales executive roles within technology and financial research companies, as well as for a public relations firm, for which he consulted with one of the globe’s leading sustainability initiatives. Currently living in Central California, he’s traveled to 70-plus countries and has lived and worked in South Korea, the United Arab Emirates and Uruguay.
Leon’s an alum of Fresno State, the University of Maryland, Baltimore County and the University of Southern California's Marshall Business School. He enjoys traveling abroad as well as exploring California’s Central Coast and the Sierra Nevadas.