While some continue to debate the reality of global climate change (takes more than increased storm frequency and melting polar ice–including the collapse of ancient ice shelves the size of 11,000 football fields–to convince some folks, I guess), it’s interesting to see the insurance industry–which has real money on the line–moving to accept the reality.
Earlier this month, Lloyd’s of London Chairman Lord Peter Levene joined those in the industry who’ve warned of the potential impact of climate change. Now the National Assn. of Mutual Insurance Cos. has moved to focus attention on the issue by creating a climate change Web site.
NAMIC says the site won’t take a position on the causes of climate change, but rather will examine the ways the issue is affecting the industry, and the ways insurers and reinsurers in the U.S. and Europe are responding.
With all it has at stake, it makes sense that the insurance industry would look to put itself front and center in the effort to understand the impact of global climate change, and insert itself into the public policy debate over how to deal with it. The debate over the actual causes of climate change remain a political hot potato, but, like the polar bear dealing with a shrinking ice pack, the insurance industry is finding the reality impossible to ignore.