Berkshire investors reject climate change report

But Munich Re says it's convinced of the hazards

Berkshire Hathaway shareholders have overwhelmingly rejected a resolution calling for the company to write a report about the risks climate change creates for its insurance companies.

CEO Warren Buffett says he agrees that dealing with climate change is important for society, but he doesn’t think climate change creates serious risks for Berkshire’s insurance businesses.

Buffett says the fact that Berkshire generally writes insurance policies for one-year periods allows it to regularly re-evaluate risks, such as climate change.

The activists who proposed the motion tried to urge Buffett to take a public stance in favour of measures to reduce consumption of fossil fuels, but he resisted.

But as London’s Guardian newspaper reports, last year Munich Re said, “We are convinced that there are particular regions and hazards where climate change is already having a definite influence on losses. Significant effects have to be accounted for in risk management approaches of the insurance industry.”

And environmental activists seem to be stepping up a campaign to go after insurers over their stands, or lack thereof, on climate change. Read more about it here. 

 

Copyright © 2017 Transcontinental Media G.P.
Transcontinental Media G.P.