Insurers must take concerted action to deal with the mounting catastrophe costs associated with climate change, said a research study published today.
Mindy Lubbers, president of the Boston-based Ceres, which commissioned the study, said, "Insurers and regulators have failed to adequately plan for these escalating weather events that scientists predict will intensify in the years ahead due to warming global temperatures."
The report cites numerous studies predicting that rising global temperatures from higher emissions of greenhouse gases will create additional financial burdens for insurers globally and in the U.S.
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