Insurance Industry Representatives Hold Capitol Hill Climate Change Risk Press Conference

Among recent developments potentially affecting how businesses manage their climate change risks, on March 1, 2012, Senators Bernie Sanders (I-VT) and Sheldon Whitehouse (D-RI) hosted a press conference with representatives of leading insurance companies to discuss the costs of climate change on business and taxpayers. Vermont and Rhode Island experienced extreme flood events in 2011 as a result of Hurricane Irene, which killed at least 45 people and caused more than $7 billion in damage. According to the sustainability advocacy group, Ceres, property and casualty insurers experienced $44 billion in losses last year, attributable in part to more severe and unpredictable weather conditions.