03 Feb '12, 6pm

States Require Insurers to Respond to Climate Risk Survey: California joins New York and Washington in requiring...

States Require Insurers to Respond to Climate Risk Survey: California joins New York and Washington in requiring...

In September, when Ceres published a report on the preparedness of the insurance industry for the impacts of climate change, Sharlene Leurig of Ceres said, "2011 has been a painful and important reminder that changing climate will inflict damage across the US. Even before Hurricane Irene, insured losses in the US this year were 40% higher than in the entire year of 2010." Extreme weather events such as storms and flooding, identified in November by the Intergovernmental Panel on Climate Change (IPCC) as an early warning signal of the effects of climate change, led to a record for catastrophe losses for insurers in 2011. "That insurers are concerned about climate risk but don't understand what to do about it, underscores the need for sustained engagement by regulators and shareholders," Leurig continued. A leader in regulatory engagement has been the National Association of...

Full article: http://www.greenbiz.com/news/2012/02/03/states-require-in...

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