Survey from Regulator of Largest U.S. Insurance Market Shows More Coal Divestment by Insurers


California Insurance Commissioner Dave Jones on Thursday revealed he’s had some success with his 2018 Climate Risk Carbon Initiative Coal Divestment Follow-Up Survey.

Jones said the results of the survey reflect an increase in the number of insurers that divested or are committing to divest from thermal coal investments following his efforts to address climate-related financial risk.
According to the survey, 57 additional insurance companies have committed to dispose of some or all of their thermal coal investments by 2016.

Ada The recent results of our insurers survey show that more insurers are contemplating divesting or divesting some or all of their thermal coal assets and diverting climate-related transitions to these investments, en Jones said in a statement. ”There is more work to be done by insurers in this area, and it is moving more in the right direction.“

The survey also showed that compared to companies that do not have existing thermal coal assets, companies that do not have existing thermal coal assets are significantly more promising to not invest in a thermal coal asset. According to the survey, companies with existing thermal coal assets were reluctant to change their investment strategies.

The survey included responses from 1,185 property / casualties and life insurers. The results of the survey also suggest that larger companies, which are more likely to abandon thermal coal, are significantly less likely to abandon thermal coal, and are more likely to have committed thermal coal sales, not undertaking thermal coal assets compared with smaller companies, measured by the asset under management.

In May, Jones announced a financial risk stress test and an analysis of insurance investments by fossil fuels. The annual premium showed that the insurance analysis in California’s insurance market with more than $ 100 million was also $ 105 billion, more than $ 500 billion of securities associated with fossil fuel, issued by power and energy companies, consisting of investment in thermal coal enterprises.

Jones last year şirket insult the sound of the insurance regulation ve is a 12-year-old lawyer and his efforts have threatened to sue him by calling a governor, a fire, who was exposed to fire and urging insurance companies to assess and address the risks associated with the climate of their investment.
Allianz Report

A report by Allianz suggests that the US is potentially a potential target for low-carbon energy investments, and in other words, potentially lower than other world powers in fulfilling the objectives of the Paris Climate Agreement.

Allianz released its annual Climate and Energy Monitor 2018 this week, which attracted the G20 countries to attractive locations for low-carbon energy investments and followed the progress of the Paris agreement towards achieving its goals.

The Climate and Energy Monitor is an annual publication jointly developed by the NewClimate Institute, Germanwatch and Allianz SE, focusing on the production of energy from renewable energy sources in the G20 countries. In Basic solutions for decarbonisation of power infrastructure “.

France stands out as the highest G20 market for renewable energy investments; European countries are better positioned than other regions. According to the report, China, Japan, Canada and Brazil recovered while Russia ranked last.

The report says that recent policy decisions have reduced the two points of the US to No. 9, but few’n positive findings Rapor.

Ulus won the best notes in terms of system integration (well-defined energy pricing and storage policies, network codes in place);
Current investments amount to 56.9 billion dollars in renewable energy, second largest investment in renewable energy;
Strong pressure from the private sector for strong support and more progressive climate policies in some states;
Ihtiyaç Strong policy signals and market certainty will continue to ensure the favorable environment the private sector needs to start renewable energy distribution, Rapor the report said.

Governments largely do not follow the goals set out in the 2015 Paris Agreement, most scientists agree that global CO2 emissions should be net-zero by 2050 to keep global warming below the 1.5 ° C reference point determined by the agreement. .

The only G20 countries that have officially presented the United Nations’ long-term decarbonization strategy from climate change issues (UNFCCC) up to 2050 are Canada, France, Germany, Mexico, the United Kingdom and the United States. Only the strategy of England; The report states that the energy sector needs to be cleared of carbon and the current US government no longer supports its own strategy.
Climate change and insurance

According to a new story from PBS, insurance changes your insurance.

The story, along with Woolsey Fire in Southern California, destroyed more than 20,000 residential and commercial buildings at the same time earlier this month at Camp Fire. Estimates increase the total insured losses of property / casualty insurers and reinsurers from $ 10 billion to $ 15 billion.

While the story’s losses have left 2017 behind, six of the 10 most dangerous California forest fires that have occurred in the last four years are story notes.

The story also draws up a government report on Friday that warns that these extraordinary events are becoming more frequent.

Among the interviewees is also Mike Kreidler, Washington Insurance Commissioner, who pioneered the climate of the National Insurance Taxpayer Association.

Kreidler in the story warned that homeowners et must be concerned that insurance companies are reluctant to remain in certain markets and are willing to pay wages at affordable prices Hik.

It also outlines the NAIC data showing that home insurance rates have increased by more than 50 percent from 2005 to 2015, and four ways that insurers have changed to accommodate more frequent and intense natural disasters:

Modeling for climate change

Since climate models used by insurance companies often do not integrate changing climate factors, climate change has rendered the weather history somewhat irrelevant.

More charge for reinsurance

Reinsurance companies are in a slightly better position to consider climate change compared to insurance companies, as they operate partly on a global scale and are more exposed to climate change risks. However, if insurance companies are at greater risk, reinsurance companies will be charged more than their services. This is a possible cost to insurance companies.

State insurance programs

See a case study of what private insurance companies had to host with the state-funded insurer of the last resort as a case study of homeowners after leaving a state after a series of hurricanes that hit Florida in 2004 and 2005. left without options

Customer incentives to avoid disasters

More and more insurance companies offer discounts for premiums to property owners who are taking steps to minimize damage from a natural disaster.

Examples are homeowners who have strengthened their homes in Oklahoma to withstand hurricanes and raised their homes to minimize hurricane damage and live in Florida.
Open letter

An open letter from the World Economic Forum on behalf of the Alliance of Climate Representatives on behalf of the Alliance of Climate Representatives (UNFCCC), which will be published before the 24th Conference of the Parties, endangers our welfare and prosperity, societies and the economy.

However, a prosperous, inclusive and low-carbon world reads the letter, possible.

Ine We are committed to climate action. We are ready to deliver a more ambitious action plan to cope with climate change and to quickly prepare solutions to help you meet the objectives set out in the 2015 Paris Climate Agreement, the An letter states İklim.

Since the agreement, members of the coalition have reduced their emissions by 9 percent.

The letter states that the target of limiting global warming to below 2 ° C is not clear.

To help achieve this goal, the authors of the letter call the world leaders:

Implement effective carbon pricing mechanisms that create a meaningful price on carbon worldwide;
Promote low-carbon financing and investments by providing consistent policies that change financial flows from high-carbon investments to low-carbon economy;
Develop policy tools to help educate and positively influence social demand for low-carbon solutions.
, These actions and incentives facilitated by governments and supported by continuous innovation in science and technology will enable jobs to create business and economic value in the transition to a sustainable and socially responsible, low-carbon economy, ”the letter said. ”This will allow governments to set more ambitious climate targets.“

The letter continues: “The transition to low-carbon economies will be positive for communities and workers, and will preserve the planet for future generations, and move our business and economies into the future.”

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