Media Coverage
Insurers launch ClimateWise
14/09/2007 | Insurance Newslink
The UK insurance industry today launched a major initiative to tackle the challenge of climate change and encourage more climate-friendly customer behaviour.
The ClimateWise principles have been developed by leading global insurers, reinsurers, brokers and Lloyd's to promote action on climate change. They will enable companies and organisations throughout the world to build climate change into their business operations. They have been developed after nine months of intensive activity by a Working Group consisting of the Association of British Insurers and His Royal Highness The Prince of Wales's Business and the Environment Programme and Business in the Community. The principles will encourage more climate-friendly behaviour among individual and business customers.
Key areas covered include encouraging greater climate-friendly behaviour among customers, investment strategy and risk analysis.
His Royal Highness, The Prince of Wales, said "The ClimateWise principles are targeted on those areas of skill and expertise within the insurance sector and are the result of nearly a year's hard work. I hope and pray that they will be useful in encouraging both collective and individual action to tackle climate change and I do congratulate all those involved."
Peter Hubbard, chief executive of AXA Insurance and chairman of the Industry Working Group that drew up the principles, said "The responsibility for addressing global warming rests with us all and will require co-operation and agreement amongst individuals, businesses and countries. It is this spirit of co-operation that has led us to agree the ClimateWise principles and to take the lead in raising this issue.
ClimateWise demonstrates the importance this industry attaches to this challenge. The principles set a framework for us taking up this exciting challenge of changing behaviour, raising awareness and encouraging new ways of working."
Stephen Haddrill, director general of the Association of British Insurers, commented "The insurance industry ensures we are all better equipped to deal with our changing climate. Uniquely in the UK we protect people from the consequences of flooding. By assessing the rising financial costs of extreme weather we are helping society make the right decisions for the future. But we need to do more. The principles will enable us to do so by encouraging greater climate-friendly behaviour among our customers, through our investment strategy and risk analysis."
The announcement came on the same day as a report was issued from F&C Asset Management, one of the supporting associate companies, saying some insurers have been slow to act on climate change and urgently need to develop strategies to deal with the effect of global warming.
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