Zurich Financial Services (ZFS) has launched a dedicated team for assessing the impact of global warming in a move that the insurance giant said could result in lower premiums for customers that take action to mitigate climate change risks.
The company said the new team would focus on the development of products and services addressing climate change risks and Zurich's own strategy for reducing its carbon footprint.
A spokesman said these new insurance offerings could result in attractive premiums for firms that invest in tackling climate change. "For example, with car insurance if you have a hybrid your insurance could be offered at a lower premium," he explained.
Similarly, buildings that embrace new renewable energy technologies or energy efficiency measures could be offered new insurance packages, while those at the greatest risk from climate change could see premiums rise.
Zurich's global chief underwriting officer, Mike Kerner, said that the new team would look beyond the weather-related risks associated with climate change that have traditionally attracted insurers' attention. "The risks associated with climate change go well beyond rising sea levels, and reflect the burgeoning regulatory and financial infrastructures being created to address this major societal concern," he said.
The company insisted that it was already actively addressing climate change risks, but argued the new Climate Office would "establish a consistent and focused approach to the risk class globally" and provide a focus for new research which will shape product development.
Influential report claims price on carbon emissions of up to $80 per tonne should bring global warming under control 19 Nov 2007
Oil giant begins work on pilot facility for turning marine algae into fuel 12 Dec 2007
Ceres report urges banks to become key players in driving the world economy forward on a greener path 11 Jan 2008
Coalition of the world's largest investment groups issue most demanding call yet for emission reductions 15 Feb 2008
KPMG report argues six core industries are ignoring global warming risks 25 Apr 2008
Drax unveils plans for 400MW co-firing facility that would allow it to burn biomass alongside coal at its giant power plant 22 May 2008
As San Francisco enacts the US's first carbon tax, institutional investors call on the Senate to support binding emission cuts of up to 90 per cent by 2050 22 May 2008
House of Representatives votes in favour of extending renewables tax credits, but fears remain that incentives will be allowed to lapse 22 May 2008
More news
Fresh from the acquisition of lighting specialist LPBV, Lighting Science boss Govi Rao explains how the expanded company plans to combat the supply constraints dogging the LED market 22 May 2008
With industrial plants wasting a huge chunk of the energy they generate through heat, scientists are exploring some wild and wacky ways of harnessing that lost power 21 May 2008
Firms may have woken up to the need to tackle global warming, but when it comes to adapting to its impacts too many remain fast asleep to both the risks and opportunities 20 May 2008 More in-depth
Post your comment
Send an email to the Business Green editor at feedback@businessgreen.com
