Major Insurance Group Statement on Climate Change Following IPCC Report
Specialty P&C insurer stresses society's, insurers' dire need to better understand the potential risks of Earth's warming oceans
March 31, 2014 • Reprints
International specialty property/casualty insurer and reinsurer Catlin Group Ltd. issued a statement following the release earlier today of the Fifth Report by the Intergovernmental Panel on Climate Change (IPCC), a scientific intergovernmental body operating under the patronage of the United Nations.
Intended to guide multinational discussions and decisions, the Fifth Report on Climate Change summarizes the collective findings of the world’s leading climate scientists. The report is of note to insurers as it regards the potential consequences of climate change as "risks" -- taking into account not only the potential impacts of climate change but also how governments, businesses and citizens can work to help minimize these risks.
The IPCC's report concludes that the world’s oceans are warming and becoming more acidic, threatening unique systems such as coral reefs and the Arctic sea ice. Furthermore, a 2 degree Celsius temperature rise, which scientists consider to be likely, will lead to irreversible damage.
“This report makes it clear that society must understand more clearly the changes occurring to the earth if we are to respond correctly to the scale of the risks that could potentially arise from climate change," Catlin said in a statement. “The conclusions by the IPCC particularly emphasize the need for substantially more research into the state of our oceans, which play a major role in weather-related risks and coastal erosion, as well as impact the economic well-being of hundreds of millions of people living near coastlines.
“As a leading insurer and reinsurer, we believe that further factual research into the changes occurring to our oceans is essential so that the insurance industry can continue to help our clients manage risks in the years to come."
(Continued here.)
March 31, 2014 • Reprints
International specialty property/casualty insurer and reinsurer Catlin Group Ltd. issued a statement following the release earlier today of the Fifth Report by the Intergovernmental Panel on Climate Change (IPCC), a scientific intergovernmental body operating under the patronage of the United Nations.
Intended to guide multinational discussions and decisions, the Fifth Report on Climate Change summarizes the collective findings of the world’s leading climate scientists. The report is of note to insurers as it regards the potential consequences of climate change as "risks" -- taking into account not only the potential impacts of climate change but also how governments, businesses and citizens can work to help minimize these risks.
The IPCC's report concludes that the world’s oceans are warming and becoming more acidic, threatening unique systems such as coral reefs and the Arctic sea ice. Furthermore, a 2 degree Celsius temperature rise, which scientists consider to be likely, will lead to irreversible damage.
“This report makes it clear that society must understand more clearly the changes occurring to the earth if we are to respond correctly to the scale of the risks that could potentially arise from climate change," Catlin said in a statement. “The conclusions by the IPCC particularly emphasize the need for substantially more research into the state of our oceans, which play a major role in weather-related risks and coastal erosion, as well as impact the economic well-being of hundreds of millions of people living near coastlines.
“As a leading insurer and reinsurer, we believe that further factual research into the changes occurring to our oceans is essential so that the insurance industry can continue to help our clients manage risks in the years to come."
(Continued here.)
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