NU Online News Service, March 16, 4:14 p.m. EST

While some insurers are taking action to cope with climate change, there is a public perception that the industry is an obstacle to dealing with the issue, insurance professionals said.

Speaking at the World Insurance Forum in Bermuda, Peter Hoeppe, head of geo risks for Munich Re, took issue with statements that insurers have not been present in the climate change debate. He cited various initiatives at Munich Re to show that the industry has been involved, including heavy investments in renewable energy to reduce emissions some say are raising temperatures.

Michael Butt, chairman of AXIS Capital Holdings Limited, said even though some insurers are taking action, the public does not understand what the industry is doing, stating that the public feels insurers are there to take advantage, rather than contribute to climate change solutions.

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