Coalition urges insurers to disclose climate risk.A coalition of U.S. institutional investors has sent letters to 30 publicly traded insurance companies urging them to disclose their financial exposure to climate change and the steps they are taking to respond to climate-related risks. The group wants the insurers to prepare and share with investors by August 2006 a climate risk report that addresses the multiple types of risk 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. In the two-page letter, the group, which controls about $800 billion in assets, charges that none of the country's largest insurance companies has undertaken a comprehensive evaluation of the issue. The group cites a climate change survey conducted last fall by New York City Comptroller The Office of Comptroller of New York City is the chief fiscal officer and chief auditing officer of the city. The comptroller is elected, citywide, to a four-year term and can hold office for two consecutive terms. William C. Thompson Jr. in which only eight of 13 surveyed companies responded, and not one provided any assurance that climate change was seriously being assessed or considered, the letter states. Meanwhile, a recent study by the Ceres investor coalition shows U.S. insurers have seen a 15-fold increase in insured losses from catastrophic weather events in the past three decades--increases they say have far outstripped growth in premiums, population and inflation over the same time period. The study warns of larger financial losses in the years ahead if climate change trends continue and no actions are taken to face the challenge. Hurricanes caused U.S. insurers to incur $30 billion in insured losses last year, and as much as $60 billion in insured losses from Hurricane Katrina  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. are expected this year. Who Received the The 30 publicly-traded companies receiving the letter from institutional investors concerning their exposure to climate change are as follows: Multiline American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. Hartford Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Group Property/Casualty Allstate St. Paul St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery Travelers Progressive Chubb Ace Ltd. XL Capital Ltd. CNA Financial CNA Financial Corporation (NYSE: CNA) is a financial corporation based in Chicago, Illinois, United States, and noted for its 600 foot tall red headquarters building there. Its principal subsidiary, Continental Casualty Company (CCC) was founded in 1897. Cincinnati Finance Safeco Life Manulife Financial Manulife Financial (NYSE: MFC, TSX: MFC, SEHK: 945, PSE: MFC), also known as The Manufacturers Life Insurance Company, is a major Canadian insurance company and financial services provider. Prudential Financial MetLife Great-West Life Co. Sun Life Financial Genworth Financial Principal Financial Group Lincoln National Corp. Jefferson Pilot Torchmark Corp. Nationwide Financial Services Health UnitedHealth Group WeilPoint Health Networks Aetna Cigna Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Everest Re Berkshire Hathaway/General Re Brokers/Risk Advisers Marsh & McLennan Aon Corp. |
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