Charles and London mayor contribute to underwriters’ world risk report.
The Prince of Wales and the mayor of London, Boris Johnson, have praised the insurance industry for leading the fight against climate change and acting as a “bulwark against risk”.
In the foreword to a new publication from the International Underwriting Association (IUA), World@Risk2008, Prince Charles wrote that insurance companies were leading the way in tackling climate change and “just might make a difference”.
He wrote: “No one takes a longer-term or more carefully calculated view of the future than the insurance sector. And there can be few other sectors which are so directly affected by climate change.”
The World@Risk report describes international issues that face the insurance industry, such as terrorism, political risk, emerging markets and the limits of insurability. It also includes an analysis of environmental exposure and the potential impacts of climate change.
The prince added: “Evaluating and then managing this risk is crucial if we are to put in place practical, long-term responses to climate change.”
“No one takes a longer-term or more carefully calculated view of the future than the insurance sector.
Johnson also contributed to the report, highlighting the role insurance plays in maintaining London’s status as the world’s leading financial centre.
The mayor wrote: “The London insurance market, famed for its professionalism and innovation, is a major bulwark against risk.
“Our city is home to a collection of leading intermediaries, risk consultants and underwriting and technical experts of whom we should be justifiably proud.”
IUA chairman Stephen Riley said: “As we began to consider what risks may occupy underwriters in years to come, a common theme became apparent: globalisation. It is intriguing to ponder what our industry may look like in 10 or 20 years’ time. I hope the latest edition of World@Risk will be thought-provoking and instructive.”