October 1, 2015 / 8:44 AM / in 2 years

Insurance bosses call for collective climate change action

LONDON, Oct 1 (Reuters) - Insurers have called for urgent action to address climate change following a report this week from the UK regulator highlighting the risks which climate change poses to the insurance industry.

Fifteen senior insurance executives wrote an open letter to Bank of England governor Mark Carney on Thursday saying they welcomed the Prudential Regulation Authority’s (PRA) report.

“The insurance leaders are also calling for the PRA’s report to lead to more urgent collective action to reduce the risks of climate change impacting society, and ultimately the insurance industry,” they said in a statement.

The executives included Lloyd’s of London Chief Executive Inga Beale and RSA CEO Stephen Hester.

Carney said in a speech at Lloyd’s this week that increasing levels of physical risk from climate change could present significant challenges to general insurers. (Reporting by Carolyn Cohn; Editing by Steve Slater)

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