General Insurance Article - Chief execs back Geneva Association's Climate Risk Statement

 66 chief executives of the world’s leading insurers have confirmed their commitment to The Geneva Association’s Climate Risk Statement-a set of guiding principles on the substantial role insurance can play in global efforts to tackle climate-related risks.

 The statement will provide the foundations on which the direction of future climate-related initiatives by The Geneva Association will be based. The statement was finalised among leaders of the world’s largest insurers at The Geneva Association’s annual General Assembly in Toronto, Canada.

 Al Gore, former vice president of the United States and chairman of Generation Investment Management speaking at the Assembly said “The insurance industry has long ago taken the initiative on climate risk, and with this statement commits to do even more. As an industry it has the capacity to work with policymakers on the mitigation of climate-related risks. If market forces are leveraged and elected officials and regulators are engaged wisely, insurers have so much to offer and can help the world deal with this serious issue. Most people don’t want to think about long term risk. Now that our world is facing the gravest risks it has ever faced, the world should turn to insurers for advice. In turn, insurers must be more vocal about the challenges they see.”