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.
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