EU Insurers Told To Get Ready For Climate Change Risks Now
Law360, London (June 4, 2019, 2:06 PM BST) -- Europe's leading insurers are growing complacent about the long-term risk that climate change poses to their bottom line and should think hard about bolstering their cash reserves to protect themselves against potentially hefty payouts, the bloc's top regulator has warned.
The European Insurance and Occupational Pensions Authority said Monday that insurers are too focused on their short-term business and should plan ahead to manage the risk that rising temperatures and natural disasters will lead to claims that could upend them.
The insurance regulator is finalizing advice for European Union lawmakers on whether the market can survive the effects of climate change. It...
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