Insurers across all sectors are acknowledging the impacts ofclimate change on their business, but they are failing to engage indiscussions about how to stay ahead of the potential threats, a newpreparedness study says.

“Every segment of the insurance industry faces climate risks,yet the industry's response has been highly uneven,” says MindyLubber, president of Ceres, which conducted the study. “Theimplications of this are profound because the insurance sector is akey driver of the economy. If climate change undermines the futureavailability of insurance products and risk management services inmajor markets throughout the US, it threatens the economy andtaxpayers as well.”

Ceres conducted the study on 184 insurance-company disclosuresto the National Association of Insurance Commissioners'climate-risk survey. The results showed that out of a possible50-points ranking how the industry reveals its plans to deal withthe organizational and business risks caused by climate change, theaverage score was 7.3. Ceres says that included in the 50-pointscoring system are a company's awareness of increased severeweather on business continuity, pricing, and customer interactions;a plan of how company management deals with these risks; theinnovation of products related to climate change; and even effortsto reduce greenhouse gas emissions.

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