Description: The Ceres’s Insurer Climate Risk Disclosure Survey has shown that insurers are not properly prepared for the risks and opportunities that accompany climate change. Storm frequency and intensity is on the upswing. But the survey, covering over 300 companies and roughly 90% of the insurance premiums in the United States, shows that many insurers are not moving quickly enough to deal with the impact of punishing weather events.

Source: Globe and Mail.com

Date: October 26, 2014

Link: http://www.theglobeandmail.com/report-on-business/international-business/study-finds-insurers-lack-preparedness-for-climate-cases/article21308964/

Questions:

1) To what extent will these survey results change the behaviour of the insurance industry in the face of climate change?

2) How should auditors of insurance companies evaluate risk with their clients in the light of this survey?

3) What is your personal perspective on climate change? Do you anticipate that insurance companies will continue to see a rise in catastrophic events?