Home insurers must address climate change

Home insurance providers have been called upon to work with government regulators and politicians to engage with the challenges posed by global warming.

A recent report by F&C Asset Management found that a large number of home insurers have done little in the way of strategic planning for global warming, despite the rise of natural disasters attributed to the affects of climate change.

The firm urges insurers to act in concert with lawmakers to ensure that an appropriate framework can be put in place to deal with a predicted rise in home insurance claims as global weather patterns become ever more unpredictable.

"Insurers can work with governments and regulators to get the right conditions in place both to maintain a healthy insurance industry, and to help society cope as climate change hits home," said Vicki Bakhshi, associate director of Governance and Sustainable Investment at F&C.

Several insurers pledged their commitment this week to a list of green principles in an attempt to improve overall strategic management climate change risks within the industry.

17/09/2007 17:25:25