Investors Turn Up Heat On Insurers To Disclose Risk From Climate Change

Citing the risks that they say insurance companies face from losses and financial risks associated with climate change, 20 U.S. investors led by several state treasurers urged 30 of the largest publicly-held insurance companies in North America to disclose their financial exposure from climate change and steps they are taking to reduce those financial impacts. The investors, who collectively control more than $800 billion in assets, co-signed letters sent requesting that the climate risk reports be completed and shared with investors by August 2006. The reports should address the multiple types of risk and opportunity that insurers face in regard to climate change, including physical loss, legal and investment risks, as well as opportunities for new markets and products in a changing economic environment.