Insurance Industry Responds To Losses

NAW Staff, Tuesday 22 August 2006 - 01:00:00

Boston-headquartered Ceres, a coalition of investor groups, environmental organizations and investment funds, has recently released a new report titled "From Risk to Opportunity: How Insurers Can Proactively and Profitably Manage Climate Change," which outlines what insurance companies are doing to tackle the causes and effects of weather-related losses.

Dozens of new insurance activities, such as green building credits and incentives for investing in renewable energy, are emerging. According to Mindy S. Lubber, president of Ceres, "We've seen encouraging progress from big-name insurers and brokers since last year's devastating hurricanes, but many more creative services will be needed as we confront what is perhaps the biggest threat in the industry's history."

The report identifies 190 innovative products and services that are available - or are in the pipeline - from dozens of insurance providers in 16 countries. More than half of the activity comes from U.S. companies, the report states.

For instance, Firemen's Fund Insurance is launching a "green" coverage for commercial building owners who re-build damaged properties using green and LEED-certified (leadership in energy and environmental design) building practices. Also, Marsh and AIG have launched carbon emissions credit guarantees that are allowing more companies to participate in carbon offset projects.

The report can be downloaded from Ceres' Web site at www.ceres.org/pub/.


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