The insurance industry must face up to the growing threat of climate change or risk financial ruin, according to Lloyd's.
A new report from the London-based insurance market warns that insurers must act now to understand and actively manage risks from emerging threats such as greenhouse gases and rising sea levels.
“Although it's almost two decades since the UN recognized that climate change was a catastrophic threat to earth, it's clear that the insurance industry has not taken catastrophe trends seriously enough,” said Rolf Tolle, Lloyd's director of franchise performance.
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