Who'd Have Thought an Insurance Company Could Write a Manifesto on Managing Sustainable Cities?

Street in New Jersey after Hurricane Sandy Yesterday the Bank of England wrote to 30 or so top insurance companies asking them what risk they thought climate change posed to their financial future. What did they think was the threshold for changing temperatures or more frequent extreme weather disasters to affect "the viability of their business model". The Bank's Prudential Regulation Authority (PRA) is responsible for the safety and financial soundness of 1700 financial companies. It is warning them that it might have to take regulatory steps if it feels that companies are not taking sufficient account of climate change risks. "What do you think of the role of insurance regulation?" it is asking insurers. For many years there have been moves in certain quarters of the insurance sector to pass on levels of risk to which underwriters are exposed when extreme weather events...

Full article: http://sustainablecitiescollective.com/david-thorpe/10077...

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