Tuesday 15th September 2020 |
Text too small? |
Blair Turnbull, Tower Insurance’s Chief Executive Officer, welcomes today’s announcement on mandatory reporting of climate-related financial disclosures and said that the company would look to develop its reporting criteria to introduce this type of disclosure ahead of the 2023 timetable set by the government.
"As a Kiwi insurer, we are acutely aware of the climate risks faced by New Zealand and it is our role to help mitigate and prepare for things like rising temperatures, changing sea levels, increased chances of flooding and more volatile weather patterns," said Turnbull.
"Insurers around the world are starting to implement risk-based pricing for climate change, and we are likely to see this happen in New Zealand over time as climate change impacts increase.
"We believe that risk-based pricing is a fairer way to price insurance. It helps to educate customers, communities and other stakeholders about risk and encourages action to help mitigate and reduce the impacts of earthquake, climate change and other natural disasters.
"Mandatory reporting requirements will help increase transparency around what actions are being taken by businesses to prepare for these risks and increase the resilience of our communities and the economy," said Turnbull.
Source: Tower Insurance
No comments yet
Second St John withdrawal of labour takes effect tomorrow with further strikes likely
Sanford Appoints Independent Director
CRP ADVISES CLOSURE OF SHARE OFFER TO EXISTING INVESTOR
Devon Funds Morning Note - 14 August 2024
OCR 5.25% - Monetary restraint tempered as inflation converges on target
Consumers still need due diligence as new deposit takers emerge.
Woolworths strike: staff asked to dress up in Disney costumes for a week on their own dollar
Turners Invests in Quashed Online Insurance Platform
PGW Reports on Challenging Year
Arvida Announces Executive Team Changes