The insurance industry functions by assessing and managing risks as well as mitigating threats — that includes the threat of global warming.
Many global insurers are addressing environmental and social risks through initiatives to reduce carbon emissions, divest from fossil fuels and promote sustainable practices. However, a recent analysis concluded that 46% of the world's top insurers presented "poor management of material risks and opportunities" related to climate change, including major U.S. property and casualty insurers such as AIG, Allstate and Nationwide.
In the "Insuring Disaster" report, the nonprofit ShareAction examined how 70 of the world's largest insurance carriers approach responsible investment governance. The process included surveying insurers on their investment and underwriting activities and assigning scores in four weighted sections: governance (31%), biodiversity (23%), climate change (23%) and human rights (23%).
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