Lloyd's of London will no longer allow their trading platform to be used for investing in coal, because this fuel is the main driver of climate change. Given the global insurance industry has been harking on for decades about the increasing risks of extreme weather to property, one would have thought they might have arrived at that conclusion a little sooner.
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| A resident in the flooded streets of Rockhampton during the aftermath of Cyclone Debbie in April 2017. |
During their 25 years of inaction on this front, the insurance industry, through investments and cover, has facilitated massive coal use around the world, locking emissions and unavoidable warming into the atmosphere. As a result, we now have a large number of property owners around Australia who are going to feel the heat of surging insurance prices to cover worsening weather extremes. The industry has an obligation to respond.
Read Karl Mallon’s comment in today’s Melbourne Age - “Insurance companies have a role to play in equipping us for challenges of climate change.”
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