CII calls for industry leadership on climate change
by Gill Montia
The body that represents professionals working in the insurance sector has warned that climate change will present the industry with the “biggest challenge in our time”.
A new thinkpiece from the Chartered Insurance Institute (CII) emphasises “the clear and pressing need” for insurers to assess and effectively manage the issues raised by changing weather patterns.
According to the article, which has been published ahead of a major CII report due out this week, the number of days on which temperatures could reach at least 25 degrees Celsius in London is expected to double by the 2020s.
In addition, the report predicts that in many regions of Europe, summers will be hotter than the 10% hottest summers experienced during the period 1961 to 1990.
Meanwhile, in the UK, the greatest increase in rainfall is projected for southern England, where there could be 4.5 more days of heavy precipitation in the winter season.
At the same time, rising sea levels and greater storm activity could create an increase in storm surge risk.
CII director of policy and public affairs, David Thomson, comments that this week’s report will provide “evidence of both risks and opportunities” for insurers, while at the same time demonstrating the urgent need for the industry to “use its expertise to lead in the development of solutions in mitigation and adaptation strategies”.
He adds: “Above all, we need industry leadership to ensure we act now”.