Only A small number of P&C insurers are altering their business models to accommodate for the effects of climate change, according to Ceres' “Insurer Climate Risk Disclosure Survey Report & Scorecard: 2014 Findings & Recommendations,” which ranks the 330 largest insurance companies on what they are saying and doing to respond to escalating climate risks.
Just 4% of the 193 P&C insurers surveyed by Ceres received an overall “leading” rating, and 20% received a “developing” rating, showing that the majority of P&C insurers are not actively managing climate change's associated risks. Only 13 insurers had a climate review expert on staff to monitor climate risks and strategies, according to Ceres.
The non-profit advocacy organization offered the following actions for those companies looking to become more proactive in managing these risks:
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