Insurers re-open debate on climate disclosure

July 14, 2009

Now that the U.S. Securities and Exchange Commission is looking at increasing corporate disclosure requirements concerning the much-dreaded global warming, the insurance industry is ironically rethinking the wisdom of its own disclosure rules that were just passed this spring, according to a report in ClimateWire.

According to the report,

There’s debate, however, about whether insurers are seeing their risks increase from climate change. Their emissions are low compared to electric utilities and other industrial emitters. And many of the large insurance companies have been dealing with fluctuating weather for centuries, said Robert Hartwig, president of the Insurance Information Institute, an industry group.

“The reality is, insurers have been aware of climate risk before most people talking about it today were born,” he said. “There is no evidence today, last year, a decade ago, a century ago — ever — that variability and volatility in climate is something that should lead to greater oversight of insurance companies.

In a related insurance industry story, today, Carbon Control News reports,

The insurance industry is raising concerns that companies facing likely greenhouse gas (GHG) limits will file claims against years-old insurance policies to pay for compliance costs by arguing their liability stems from releases that occurred during the coverage term, before policies excluded pollution coverage.

With climate compliance costs projected to be in the hundreds of billions or even trillions of dollars, policyholders are going to seek third parties such as insurers to pay those costs, one informed source says. “The costs that you are going to talk about are going to be enormous,” the source says.

If the insurance industry had only followed Robert Hartwig’s advice to start with…

One Response to “Insurers re-open debate on climate disclosure”

  1. bear865 Says:

    Waxman-Markey is the major item in the bag of the Luciferian Synarchy that is to destroy the USA and make way for “Metropolis”-like fascist world government.

    The Senate should blow it off. Perhaps there is a chance they will, since it BARELY passed in The House.

    All these useful idiots and manipulators alike should realize that my cousins in the bruin world are getting awfully fed up with this. How would they like it if the entire black bear population of New Jersey occupied not only the Capitol, but the White House too? Sure would put all those animal rights wackos in a bind, would it not? Then it would be “green” against “green”. The very though is delicious beyond belief!

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