ABIR POLICY STATEMENT: Climate Change
Approved December 2, 2009
AB IR Board of Directors
Substantial scientific evidence documents that human activity is affecting the climate of the earth. Although it is impossible to predict how and when this climate change will affect the weather in specific geographic areas, we can assume that the impact of climate change on (re)insurance risk will be significant. Given changes in the climate, the ability to forecast future loss experience based on past historical experience is jeopardized. Climate change has implications for ABIR members as (re)insurers, businesses, investors, citizens and employers.
The members of ABIR will work to:
- Educate policy makers on the impact of climate change on (re)insurance risk and the individual decisions (re) insurers may make to integrate climate risk into (re)insurance underwriting decisions.
- Promote natural hazard loss mitigation techniques that will protect both people and property from severe weather related losses and help society adapt to climate change.
- Shape proposed trade, tax and insurance regulation so that like kinds of (re)insurance risk can be written globally to achieve the benefits of diversification.
- Develop (re) insurance products that will aid the growth of new technologies aimed at protecting against the impacts of future climate change.
- Work to reduce our own business carbon footprints.
- Consider the implications of climate change on our corporate investment portfolios.
- Support thoughtful, coordinated research of climate change, adaptation techniques and the implications for (re)insurance risk.
- Work with all stakeholders to build consensus on effective, scientifically supported adaptation and loss reduction measures.
Read the press statement from the government.
Premier's Statement in House on Climate
Climate Change Report february 2010
For More Information: Contact Bradley Kading, President and Executive Director, Association of Bermuda Insurers and Reinsurers, 202 783 2434; Bradley.Kading@ABIR.bm