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12 April 2007
US insurers respond to climate disclosure demands
Source: www.environmental-finance.com
London, 12 April: Two major US insurance companies have agreed to report their financial risks from climate change following pressure from investors.
The Hartford Financial Services Group, based in Connecticut, and Prudential Financial of Newark, New Jersey, both said they would respond to the Carbon Disclosure Project questionnaire and disclose their assessments of the business impacts of climate change.
Their decision comes after pressure from Calvert, a Maryland-based socially responsible investment firm, which had filed shareholder resolutions with both companies asking for greater disclosure of their climate change risks. Calvert has now withdrawn the resolutions.
"Insurance is the world''s largest industry with core competencies in risk management and loss prevention, so it is crucial that insurance companies disclose their exposure to climate change impacts and also explore the significant business opportunities becoming available," said Baljit Wadhwa, social research analyst at Calvert.
Mindy Lubber, president of Ceres, a coalition of investors and environmental groups that helped coordinate the shareholder resolutions, said the positive response from The Hartford and Prudential Financial was "very encouraging".
Kathleen Gibson, vice president and corporate governance officer at Prudential, said: "Our company is not in the property and casualty line of insurance, nor does the company have high greenhouse gas emissions. Nevertheless, we will be including on our website a section that addresses Prudential''s policies, programmes and performance on the environment."
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