As climate change threatens California, officials seek 'sustainable insurance'
By Joseph Serna
California regulators are teaming up with the United Nations to develop “sustainable insurance” guidelines that would help address climate-change-related disasters such as coastal flooding and larger wildfires — the first such partnership of its kind between the international organization and a U.S. state, officials announced Tuesday.
After a roundtable discussion at UCLA with lawmakers, state Insurance Commissioner Ricardo Lara announced that his agency would work with officials from the U.N. Principles for Sustainable Insurance Initiative over the next year to develop a plan to confront California’s climate risks, which are manifold.
“A sustainable insurance road map will enable California to harness risk reduction measures, insurance solutions and investments by the insurance industry in order to build safer, disaster-resilient communities, and accelerate the transition to a low-carbon, sustainable economy,” said Butch Bacani, the leader of the U.N. initiative.