The insurance industry is not very prepared for climate change, according to “Insurer Climate Risk Disclosure Survey: 2012 Findings & recommendations,” from the Ceres Coalition. The report summarizes responses from insurance companies to a survey on climate risk developed by the National Association of Insurance Commissioners (NAIC).
Almost all insurers that responded to the survey show significant weakness in their preparedness to address the effects climate change, Ceres said. Smaller companies generally were less prepared than larger companies. However P&C insurers, including multiline, demonstrated an understanding of the theoretical risks that climate change poses to their business, Ceres said.
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