When you hear the words ‘Climate Change’ do you roll your eyes, scratch your head and wonder if it’s all a hoax? Perhaps an indicator of how real it is can be seen through the eyes of the Association of British Insurers (ABI).
The ABI are clear that the insurers are at the forefront of dealing with the impact climate change has on communities and infrastructure across the world. But does this translate into positive action on their part; actions where the costs are not wholly transferred to the customer?
Absoutely! The ABI is a founding member of ClimateWise, a global insurance industry initiative established in 2007; coincidental with some of the worst flooding experienced in the UK. Signatories agree to report their progress against six key principles:
- Incorporate climate-related issues into their strategies and investments;
- Lead in the identification, understanding and management of climate risk;
- Reduce the environmental impact of their business;
- Inform public policy making;
- Support climate awareness amongst their customers/clients and enhance reporting.
The insurance industry is investing £billions in green technologies and funding of academic research – they don’t think climate change is a joke!