Antinuclear

Australian insurance companies must come clean about climate change

Australian insurers keep customers in the dark about climate risks, report finds, Guardian,   Lenore Taylor, 3 Nov 15  A WWF study shows Australian insurers tell customers far less than overseas insurers about the risks climate change could pose to their businesses Australians are in the dark about the risks climate change poses for the local insurance industry because Australian insurers don’t disclose enough information, a new report claims.

Climate change poses risks for the insurance industry through increased claims and potential impacts on investments held by the insurer to pay on future claims, and could cause premium increases so steep that homes in some fire, flood or cyclone prone areas could become uninsurable.

A study presented to the Actuaries Institute last year, “Can actuaries really afford to ignore climate change?” found claims were likely to rise but that it was difficult to predict by exactly how much. Bushfire claims were calculated to rise by between 29% and 116% by the end of the century, cyclones by up to 230% and river flooding by between 7% and 54%.

“Global warming will have significant impacts on the insurance industry through increased claims, reputational damage, decline in insurance affordability, and an increase in uninsurable sectors or geographies,” WWF spokeswoman Monica Richter said.

“Without full public disclosure of their climate-related risks and management strategies, Australian consumers and shareholders are left vulnerable to unexpected costs and regulatory shifts.”…….http://www.theguardian.com/environment/2015/nov/02/ausralian-insurers-keep-customers-in-the-dark-about-climate-risks-finds-report

November 4, 2015 - Posted by Christina Macpherson | AUSTRALIA - NATIONAL, climate change - global warming