On its website, Allianz has a worthwhile discussion with Evan Mills about climate change and the insurance industry. Mills has published some of the most important research about the role of insurance in responding to climate change, including articles for Science and Forbes, and contributed as a lead author to various reports of the Intergovernmental Panel on Climate Change (IPCC). Mills is also a member of the Earth Institute's Economics and Public Policy Working Group chaired by Jeffrey Sachs, which meets this month in New York as part of the Global Roundtable on Climate Change.
Mills notes that, "There are a lot of things that insurers can do, from pay-as-you-drive insurance to improve roadway safety while trimming emissions, planting mangroves to protect insured hotels on the Pacific Rim while sequestering carbon, or investing in renewables to help improve the reliability of the power grid and hedge energy price risks while displacing fossil fuel-- ways they can bring their skills to bear for the better.
"Insurers are also bringing their skills to bear in managing risks associated with carbon trading; this will help the emerging carbon markets to work even better. And it's not charity. In a study published earlier this year, we found over 100 insurance companies had done things along these lines. It's a way for them to earn their money. It's a real frontier, and we are just scratching the surface."
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