Insurers sign up to ClimateWise

by Gill Montia

Story link: Insurers sign up to ClimateWise

This week the insurance industry launched an initiative to tackle the challenge of climate change and encourage customers to behave in a more climate-friendly way.

The ClimateWise principles have been developed by leading global insurers, reinsurers, brokers and Lloyd’s of London.

They were drawn up following meetings between representatives from the insurance industry and HRH Prince of Wales.

Adoption of the principles should enable companies and organisations worldwide to develop business operations that are sensitive to climate change issues.

The principles are also applied to investment strategies, so that companies consider the implications of climate change for company performance and shareholder value and incorporate this information into the investment decision-making process.

In addition, participating companies will be expected to support and undertake research on climate change and become involved in national and regional forecasting of future weather and catastrophe patterns affected by changes in the earth’s climate.

So far, insurers singing up to the principles include ACE, Heritage, Ark, Hiscox, Amlin, Kiln, Beazley, Marketform, Catlin, Navigators, Chaucer, QBE, Diagonal, Spectrum, Equity, Hardy and XL.