Insurance companies have a lot to lose from the effects of climate change, yet only about half of property/casualty insurers are comprehensively addressing climate risks, according to the “Insurer Climate Risk Disclosure Survey Report & Scorecard” by Ceres.
While property/casualty insurers scored better than life and accident and health insurers, only 4% qualified for the top rating. This was followed by 20% rated “developing” and 76% in the bottom two tiers. What’s more, 69% do not have significant leadership to manage climate risks, the survey found.
“With climate change, 97% of scientists in the field agree that it is a reality and are more focused on the timing and magnitude of changes and related damage we can expect,” said Mike Kreidler, Washington insurance commissioner chair with the National Association of Insurance Commissioners. “This industry should be focused less on what is causing climate change and more on how we respond to and mitigate it.”