Green Giant - Insurance Companies Side with Environment
Document Actions
Green Giant
Insurance Companies Side with Environment
Worried about losses related to climate change, the insurance industry—the second largest industry in the world—is leading an assault on global warming. Emerging incentives have the potential to turn around significant and widespread environmental abuses. The industry’s sizable clout, says Nancy Skinner,
Soaring insurance rates penalizing those who build homes in coastal zones with high storm risk is one recent example. Fireman’s Fund also plans to cut premiums for energy-efficient buildings and repairs because they produce less greenhouse gas emissions while improving asset value. Travelers realizes that hybrid car owners not only consume less fossil fuel, but their owners tend to be “responsible” and “financially stable” customers.
Allianz AG has collaborated with the World Wildlife Fund in outlining steps the industry could take to reduce the impact of global warming or help society adapt. Clement Booth, a member of the board of management at Allianz, avers that “Climate change represents an ever-increasing risk, a risk too great to ignore.” With the revamped approach, insurance companies make money and the environment benefits.
Source: The Christian Science Monitor
