Climate risks for insurers: Why the industry needs to act now to address climate risk on both sides of the balance sheet
Financial regulators worldwide are grappling with the impact of climate change and the increasing risk it presents for financial systems, while climate scientists call for rapid reductions in greenhouse gas emissions to prevent a climate disaster. At the same time, U.S. insurers remain highly exposed to fossil fuel-dependent industries like oil, gas, coal and utilities, and the pace of change in the industry is slow.