International specialty property/casualty insurer and reinsurer Catlin Group Ltd. issued a statement following the release earlier today of the Fifth Report by the Intergovernmental Panel on Climate Change (IPCC), a scientific intergovernmental body operating under the patronage of the United Nations.
Intended to guide multinational discussions and decisions, the Fifth Report on Climate Change summarizes the collective findings of the world's leading climate scientists. The report is of note to insurers as it regards the potential consequences of climate change as “risks” — taking into account not only the potential impacts of climate change but also how governments, businesses and citizens can work to help minimize these risks.
The IPCC's report concludes that the world's oceans are warming and becoming more acidic, threatening unique systems such as coral reefs and the Arctic sea ice. Furthermore, a 2 degree Celsius temperature rise, which scientists consider to be likely, will lead to irreversible damage.
“This report makes it clear that society must understand more clearly the changes occurring to the earth if we are to respond correctly to the scale of the risks that could potentially arise from climate change,” Catlin said in a statement. “The conclusions by the IPCC particularly emphasize the need for substantially more research into the state of our oceans, which play a major role in weather-related risks and coastal erosion, as well as impact the economic well-being of hundreds of millions of people living near coastlines.
“As a leading insurer and reinsurer, we believe that further factual research into the changes occurring to our oceans is essential so that the insurance industry can continue to help our clients manage risks in the years to come.”
Catlin is the title sponsor of the Catlin Seaview Survey, a major scientific expedition that is documenting the composition and health of oceans, particularly coral reefs, around the world. Catlin previously sponsored three years of research in the Arctic which focused on sea ice loss and acidification in the Arctic Ocean.
The Catlin Seaview Survey team is currently undertaking a comprehensive record of the world's coral reefs. “The sensitivity of these reefs to various changes makes them the oceans' early warning system,” Catlin's statement continued. “The IPCC's statement that corals are rapidly declining and will, most likely, have disappeared by 2050 makes the work of the Catlin Seaview Survey even more important.”
The Catlin Seaview Survey has created a baseline collection of coral data for researchers and is continually adding to this data. This information is being openly shared through the Catlin Global Reef Record, here.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
