80 global powerful insurance companies bind together to tackle climate change

There is going to be pressure put on world governments to ramp up efforts to tackle climate change which means the threat of natural catastrophes brought on by climate change. There will be 80 of the world’s most powerful insurance company’s chief executives from around the world combining their efforts as members of the Geneva Association think tank have developed an astonishing response that governments should act on.

The meeting in New York which is the association’s annual meeting have said the members criticised the world governments for not doing enough to tackle and prepare for natural disasters linked with climate change and also say that governments needed to have more responsibility rather than just relying on the insurance sector.

In 2006 alone insurance costs reached $11.8bn which insurers had to pay because of 349 natural catastrophes worldwide according to Swiss Re. Talks will be about implementing building codes, preventing residential developments in flood plains, cleaning out forest waste to avoid the spread of fires and allowing insurance companies to price according to risk, they are even wanting developing stronger storm run-off systems and much more.

We should not rely on insurance companies; the government should help tackle disaster due to climate change, should they or should they not?

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