15 December 2015 Insurance

Insurers have a critical role in climate change, ABI

Insurers have a critical role to play in helping to support the transition to a low carbon world through sustainable investments and through insuring renewable energy and energy efficient homes, said Matt Cullen, head of strategy at the Association of British Insurers (ABI).

Cullen made the statement after the 2015 Paris Climate Conference (COP21), which took place last week.

The talks saw 195 countries adopt the first-ever universal, legally binding global climate deal.

The agreement, the first major multilateral deal of the 21st century, sets out a global action plan to put the world on track to avoid dangerous climate change by limiting global warming to well below 2°C.

Cullen said that the increased frequency and severity of major weather events means insurers are at the forefront of witnessing the real impacts of climate change.

He said insurers are already pursuing policies with an aim of reducing climate impact and they will “do much more, alongside governments and other industries.”

Insurance Europe, the European insurance and reinsurance federation, has also welcomed the deal.

“Europe’s insurers welcome the momentous progress which has been made at COP21,” said Michaela Koller, director general of Insurance Europe.

“As emphasised during Insurance Europe’s recent target two degrees campaign, tackling both the causes and effects of climate change will be one of the defining issues of our time.

“Therefore, it is incredibly important that the momentum gained through this agreement is maintained and that governments take steps to limit global warming and to prepare their societies for the effects of climate change through better adaption.”

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