Wednesday 19th September 2007
Major players in the insurance industry are to become ecologically aware, the Association of British Insurers (ABI) states.
As of September 13th, global insurers, brokers and Lloyds of London have committed to the ClimateWise initiative devised by the industry body.
This includes a consideration of climate-related issues when conducting risk management and investment, as well as an effort to raise awareness among customers.
In this way, firms can be better positioned to offer protection to consumers against the consequences of changing weather patterns, ABI director general Stephen Haddrill asserts.
"The insurance industry ensures we are all better equipped to deal with our changing climate - uniquely in the UK we protect people from the consequences of flooding," he observes.
"By assessing the rising financial costs of extreme weather we are helping society make the right decisions for the future."
But he adds that "we need to do more" - suggesting that the new principles achieve this through their commitment to raising customer awareness.
A working group comprising the ABI, His Royal Highnesss Business and the Environment Programme and Business in the Community and chaired by Axa chief executive Peter Hubbard consulted on the initiative.
Over a period of nine months of "intensive activity" the proposals were formulated, with the ABI stating that they are targeted at both business and individual customers.
European asset manager F&C Investments this week urged the US Securities and Exchange Commission to introduce a mandatory requirement for publicly-traded companies in the country to disclose their estimated financial risks due to climate change.
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