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Insurance companies urgently need to do more when it comes to climate protection in order to protect their businesses and avoid billions in aid.
As www.nzz.ch reports, insurance companies have been warning about the effects of the climate crisis for years, as massive environmental disasters threaten their businesses. However, the industry's environmental protection measures are inadequate. According to the article, the insurance industry is expected to pay over $100 billion for natural catastrophes this year, for the third year in a row. Insurance companies are withdrawing from risk areas and increasing premiums, which is leading to the insurance gap widening. This development forces the state to step in with billions in aid in the event of disasters. Insurance companies have not yet developed a comprehensive strategy to bring the mobility and building sectors on course for climate change, even though these are among their most important business areas...
Insurance companies urgently need to do more when it comes to climate protection in order to protect their businesses and avoid billions in aid.
How www.nzz.ch reports, insurance companies have been warning about the effects of the climate crisis for years, as massive environmental disasters threaten their businesses. However, the industry's environmental protection measures are inadequate. According to the article, the insurance industry is expected to pay over $100 billion for natural catastrophes this year, for the third year in a row.
Insurance companies are withdrawing from risk areas and increasing premiums, which is leading to the insurance gap widening. This development forces the state to step in with billions in aid in the event of disasters. Insurance companies have not yet developed a comprehensive strategy to bring the mobility and building sectors on course for climate change, even though this is one of their most important business areas.
However, the industry has numerous opportunities to support the green transformation, as the WWF and Deloitte report “Underwriting our Planet” shows. Insurance can support innovative companies in scaling sustainable products and technologies, insure against transition risks or reduce floods by reforesting mangroves.
There is therefore a need for action to protect the business and the environment. Insurance companies must assume their responsibilities as shareholders of companies and risk managers of the global economy. To do this, they must pull out all the stops to keep environmental risks in check.
According to a report by www.nzz.ch
Read the source article at www.nzz.ch