Thursday, June 19, 2008

Insurers broaden coverage for climate change risks

Reuters: Insurers are developing new ways to help commercial customers adapt to emerging climate change risks, a panel of experts said on Wednesday. Underwriters are busy coming up with new insurance policies, and fine-tuning already existing products, to provide broader coverage to companies grappling with a wide range of emerging climate-related risks.

These include regulations that are being crafted or implemented around the world requiring companies to provide greater disclosure of risks, and to reduce energy use in order to meet new carbon emission rules. Insurers are rolling out the new products in the wake of increasing scientific evidence that man-made carbon dioxide emissions are fueling an increased chance of global catastrophes.

Swiss insurer Zurich Financial Services is one of those actively developing insurance products to meet rising demand, said Chief Climate Product Officer Lindene Patton on a panel at a green business summit in New York. "There are new physical realities that confront us," said Patton. "And there is clearly a new political will."…

Oldest insurance policy, at the Museum of Insurance, shot by "Delimata," Wikimedia Commons, under the terms of the GNU Free Documentation license, Version 1.2

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