The estimated cost of public assistance for recovery from the storm, Shumlin continued, will be in excess of $11 million. His request also noted that Vermont has experienced a number of weather-related disasters during the past nine months.
In a press conference held yesterday to announce the publication of a new report, Sharlene Leurig, senior manager of the insurance program at Ceres and author of the report, stated, "2011 has been a painful and important reminder that changing climate will inflict damage across the U.S. Even before Hurricane Irene, insured losses in the U.S. this year were 40 percent higher than in the entire year of 2010."
The report, entitled "Climate Risk Disclosure by Insurers: Evaluating Insurer Responses to the NAIC Climate Disclosure Survey," studies the preparedness of the insurance industry for the impacts of climate change. Its finding, Leurig said, "That insurers are concerned about climate risk but don't understand what to do about it, underscores the need for sustained engagement by regulators and shareholders."
As the basis of its analysis, Ceres used the responses of 88 insurers to the 2010 Insurer Climate Risk Disclosure Survey of the National Association of Insurance Commissioners (NAIC). At present, only six states - New York, New Jersey, California, Oregon, Pennsylvania, and Washington - require public disclosure by insurers of their responses to the survey.
"The NAIC survey, while incomplete, provides an unprecedented view into climate risk perception and management within the insurance industry," the report stated. "The survey responses paint a picture of an industry that, outside of a handful of the largest insurers, is taking only marginal steps to address an issue that poses clear threats to the industry's financial health, as well as to the availability and affordability of insurance for consumers." Read the full report here.
Source: by Robert Kropp, Green Biz.com.
