Insurers found guilty of ‘tragedy of the horizon’ on climate change

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Insurers found guilty of ‘tragedy of the horizon’ on climate change

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Houses have been flooded after the bursting of a dam in Fischbeck, Germany, 10 June 2013. The flood situation at the Elbe continues to grow worse. Photo: JENS WOLF | Jens Wolf/DPA/PA Images

Insurance firms appear untroubled by the impact of climate change on some aspects of their business, while the industry is also overly reliant on historical data that could become irrelevant, according to a consultation paper released by the European Insurance and Occupational Pensions Authority, the supervisory body. Insurers are integrating sustainability into investment decisions, but EIOPA said a brown taxonomy could be useful for the purposes of further work on capital requirements.

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