In this climate change thinkpiece, Chairman of ClimateWise, John Coomber, considers the types of risks and opportunities that might emerge for insurers in the years ahead and some of the progress that the industry is already making.
Coomber suggests three areas worthy of thought for insurers and insurance brokers:
1) Firstly, that climate change will lead to an inexorable increase in property risk. Insurers should therefore seek to engage with affected communities to provide information, coverage and risk mitigation skills to a new customer base.
2) Secondly, Coomber argues that if we are to prevent risks from becoming "unaffordable", society must avoid breaching irreversible tipping points in the world's ecological balance.
3) Thirdly, knowledge has always been the best basis for decision making and insurers can contribute to this debate through their loss modelling abilities.
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