Insurers adapt to global warming

Janet Babin Aug 23, 2006
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Insurers adapt to global warming

Janet Babin Aug 23, 2006
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TEXT OF STORY

LISA NAPOLI: Here’s a new way to combat global warming: Insure yourself against it. Janet Babin looks at a new report from an environmental business group.


JANET BABIN: The Ceres report found more than 180 new types of insurance plans in the works.

Some would protect companies against possible catastrophes from global warming. Others would insure renewable energy developers against product failure.

AIG, the world’s largest insurer, is close to unveiling it own policies to protect against climate change.

Chris Winans says his clients were asking for more choices.

CHRIS WINANS:“We’re looking for ways to help our clients respond to the pressures they’re under to deal with the problem.”

If last year’s severe weather is any indication, businesses will likely hoard the extra insurance.

Offshore oil producers in the Gulf of Mexico had $10 billion in insured losses.

I’m Janet Babin for Marketplace.

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