Ceres is a far reaching non-profit organization championing sustainable economies. They conducted a survey of the insurance industry in 2012 to determine how prepared it is for the changing climate. Their report on the survey findings came out in March 2013.
2012 was the warmest year on record in the lower 48 states and the second most extreme weather year in United States history. Insurers are increasingly acknowledging that extreme weather has become the new normal, yet a new report from Ceres finds that many in the industry are only just beginning to think about how to address the effects climate change may have on their business – while a small group of companies is leading the way.
The Ceres report, Insurer Climate Risk Disclosure Survey: 2012 Findings & Recommendations, is based on 184 company disclosures in response to a climate risk survey developed by insurance regulators. Surveys were completed by insurers licensed to operate in three states – California, New York and Washington – that require climate risk disclosure. Collectively, these companies represent a significant majority of the American insurance market.
Ceres found only 23 companies in the property & casualty, life & annuity and health insurance sectors have comprehensive climate change strategies. Those companies provide a roadmap for the rest of the industry as it begins to wrestle with the issue.
The rest of this press release and links to the report are here.