Torrance to tell UN that inaction will leave people uninsured

Allianz UK boss Andrew Torrance who is chairman of ClimateWise will tell a United Nations summit in South Africa today that inaction on climate change could leave people unable to get insurance, the FT reports.

“Climate change must be tackled now if insurers are to continue to play their fullest role in managing climate risk,” he will say. “If governments fail to act today, substantial markets may become uninsurable tomorrow.”

“The risks that we face tomorrow mean that we will have to hold more capital because bad loss years will be much worse,” Torrance told the FT.

40% cut in emissions

ClimateWise wants the developed world to agree a 40% cut in emissions by 2020 and to strike a deal on the size and structure of the financing package to help the developing world tackle climate change.

“A new international deal is ultimately in all of our interests and the costs of transition to a low climate-risk economy are manageable,” Torrance will say. “Delay is not an option.”