Ceres, a national coalition of investors and environmental groups, praised American International Group for becoming the first U.S.-based insurance company to adopt a policy to manage risks and capture business opportunities posed by climate change.
AIG unveiled its new policy on May 15. The Boston, Mass.-based Ceres has been seeking improved U.S. insurance industry practices on climate change through the Investor Network on Climate Risk, a group of 50 institutional investors that manage nearly $3 trillion in assets.
“This is an important step that signals to the market and policy makers that climate change is a critical insurance issue,” said Ceres president Mindy Lubber.
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