The Need for a Multi-Level Approach to Climate Change—An Australian Insurance Perspective
Insurance is all about risk management and risk mitigation. A significant component of this risk equation is an ability to manage the variability of weather events. Climate modelling has shown that it only takes small changes in the mean climate to generate large changes in extreme weather. This has profound implications for the insurance industry, because a less-predictable climate impacts the industry's capacity to accurately calculate and price products. The insurance industry's response to climate change will determine the shape of the industry for decades to come. However, insurance companies acting alone, or even collectively, will have only limited impact in achieving success over the long term. This paper outlines a multi-level approach required by the insurance industry to make a real and lasting difference, including engaging governments; assisting and educating communities to be more aware and resilient; incentivising customers through advocacy, product innovation and appropriate product offerings; and leading by example and providing employees with the education and tools to facilitate action both at work and at home.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 35 (2010)
Issue (Month): 2 (April)
|Contact details of provider:|| Web page: http://www.palgrave-journals.com/ |
|Order Information:|| Postal: Palgrave Macmillan Journals, Subscription Department, Houndmills, Basingstoke, Hampshire RG21 6XS, UK|
Web: http://www.palgrave-journals.com/pal/subscribe/index.html Email:
When requesting a correction, please mention this item's handle: RePEc:pal:gpprii:v:35:y:2010:i:2:p:336-348. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Daniel Foley)
If references are entirely missing, you can add them using this form.