Reinsurers say companies worldwide have suffered intensifying weather-related losses in the past three years, but less than a third of them are actively responding to the risk—increasing the likelihood those companies will be unprepared to deal with the economic impact of more frequent and severe weather events.
"If we're not ready, we're in trouble," says James E. Rogers, CEO of Duke Energy, relaying concerns that companies neglecting to incorporate changing environmental threats into their enterprise risk management programs could end up folding under the pressure of a volatile catastrophe climate.
According to Swiss Re, many businesses do not feel sufficiently informed to take action on climate change, so a diverse group of companies, including Swiss Re, Starbucks, Levi Strauss and Co., Calvert Investments, Earth Networks and Entergy have created the Partnership for Resilience and Environmental Preparedness (PREP) program.
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