Insurers aren’t ready for climate change, says UN diplomat

Several insurers have increased low-carbon investments

Insurers aren’t ready for climate change, UN Framework Convention on Climate Change Executive Secretary Christiana Figueres says. And the UN climate change conference in December won’t remove all the greenhouse gases already in the atmosphere.

“This system is already overloaded and from an insurance perspective, I would say, all alarm bells are ringing,” Figueres said in a speech at the Association of British Insurers on Tuesday. “The insurance sector is perhaps ready for some natural disasters, but it it’s not ready for climate change, which is a systemic threat.”

In July, Aviva promised to consider carbon risk while making investment decisions, and Allianz and Axa have increased investments in low-carbon assets.

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Transcontinental Media G.P.