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U.S. President Barack Obama has detailed new lighting standards and promised $346 million in Recovery Act funds to boost energy efficiency in new and existing commercial buildings and homes. Read the rest »
American insurers to disclose climate change risks
American Insurers must disclose climate change risks to investors and regulators for the first time beginning in 2010.
The National Association of Insurance Commissioners (NAIC) voted to require the annual filing of Insurer Climate Risk Disclosure Surveys for insurance companies with annual premiums topping $500 million.
This world first sends a clear signal to policy makers to deal with climate change now, and reinforces the need for businesses in all to integrate climate change into their strategy.
The announcement coincides with the results of Swiss Re‘s latest study into the cost of natural catastrophies and man made disasters in 2008. 2008 was one of the worst years for catastrophe losses. The total impact on the economy caused by natural and man-made catastrophes around the world added up to USD 269bn. Insurers paid out USD 52.5bn to compensate for property claims.
Meanwhile, European insurers have long warned about the hazards of climate change for insurers; Munich Re and Swiss Re also agreed to adopt the Climate Principles to help them manage climate change risks across their services and products.
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