The insurance industry must play a key role in spurring positive movement on dealing with the environmental issues caused by climate change, says a report from the advocacy group Ceres.
Failure to act would leave carriers at the mercy of increasing catastrophe losses from weather events, causing them to move out of certain geographic markets and strain the budgets of state governments forced to become insurers of last resort.
“Just as insurers historically asserted their leadership to minimize risks from building fires and earthquakes, insurers have a huge opportunity today to develop creative loss-prevention solutions and products that will reduce climate-related losses for consumers, governments and of course themselves,” says Mike Kreidler, Washington state's insurance commissioner, in a foreword to the report, “Stormy Future of U.S. Property & Casualty Insurers.”
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