Insurers not ready for climate change? Really?

In the aftermath of Hurricanes Irene and Lee, it's troubling to discover only one-eighth of major US insurance companies have climate change policies in place

Saw a fascinating article today outlining a report that many major insurers, while acknowledging that climate change will create extreme weather events, still have no formal policies in place to deal with its risks, effects and aftermath.

The report – Climate Risk Disclosure by Insurers: Evaluating Insurer Responses to the NAIC Climate Disclosure Survey reveals that only eleven of the 88 leading U.S. insurers surveyed have climate change policies in place.

Really?

With the all too recent devastating effects of Hurricane Irene and Lee and a new one, Katia, on the close horizon and more large ones predicted, it makes you wonder what they’re waiting for? The insurance industry was supposedly founded to assist consumers with dealing with damages and emergencies such as these, yet if the insuranace companies  are unprepared themselves, how does that bode for those who call on them for help?

Truly a head-shaking situation. Perhaps we should follow the example of some folks in Vermont who, once the worst of Irene had abated, simply rolled up their sleeves and pitched in to do what needed to be done without waiting for FEMA or any agency to do it for them. That may well be what we have waiting in store for us if our insurance companies don’t get their collective heads cracking.

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