Insurance industry ahead of climate change adaptation

Insurers are the most advanced organizations in adapting to climate change, according to a study from the Network for Business Sustainability. The insurance industry sets itself apart with institutional networks that promote calibration, the study says. The Network for Business Sustainability says one insurance company in its study had assembled insurers, academics, governments and NGOs to find solutions to climate change risks.  The report reviewed more than 200 studies going back to 1997. It includes a sector-by-sector analysis of the risks and opportunities associated with climate change, and tools to help businesses adapt. The report says most businesses have yet to incorporate substantial measures despite the growing consensus that adaptation is a central strategy in dealing with the impacts of climate change. Thus far, initial efforts have focused on mitigating the effects of climate change. “While climate risks and opportunities are often sector-specific, some sectors are emerging as leaders and have done so through collaboration,” Tima Bansal, professor at the Richard Ivey School of Business and executive director at the Network, said in a release. “Lagging sectors can learn from these leaders to innovate new ideas.” The findings are available in four reports at www.nbs.net.