The Association of British Insurers, ABI, is pleading for insurance companies to take a higher responsibility in assessing the implications of climate change, according to the FT. The industry is among the hardest hit by climate change, which has cost them an average of £825m a year since 1990. The ABI has asked them to take the lead on analysing risk, incorporate environmental issues into their investment strategies, and equally important - reduce their own carbon footprint. They should also help their customers do the same by providing incentives such as offering a lower premium on insuring efficient cars, and asking for improved energy efficiency in their property portfolios. They should have the highest incentives, so hopefully we will see the insurance industry doing great things for our planet!

“Insurers should also share data on the weather and climate change to build up a more accurate picture.

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The ABI urged insurance companies to “consider the implications of climate change for company performance and shareholder value, and incorporate this information into investment decision-making”.

Most of the UK insurance industry, including the biggest names, have signed up to a series of principles, supported by the Prince of Wales, for managing and reducing the risk from climate change.

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Tesco also ramped up its environmental efforts yesterday with £25m over the next five years for the University of Manchester to set up a “sustainable consumption institute”. It will research issues such as how people can change their lifestyles to become “low carbon”.”

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This entry was posted on September 16th, 2007 at 21:58 (GMT) and is filed under Emissions Reductions, Industry Reports . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.