Dr. Bernd Schanzenbacher
Dr. Evan Mills
Lawrence Berkeley Laboratory
1 Cyclotron Rd.
Berkeley, CA 94720
1997
Published in the December 1997 issue of UPDATE, published by the Institute for Business & Home Safety (IBHS)
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It is widely recognized that environmental issues are creating both opportunities and challenges for the business community. On the one hand, environmental goods and services are a booming business, and companies are racing to tap this sector's enormous market potential. On the other, environmental regulation is forcing businesses to take legal and financial responsibility for reducing their impact on the environment.
But there is a third side to the issue that is often overlooked — the physical and market risks caused by environmental change itself. One industry that is particularly attuned to these risks is the insurance sector. A leading group of international insurers and reinsurers, led by companies in Europe and Asia, has started to tackle this issue by joining together as the United Nations Environment Programme (UNEP) Insurance Industry Initiative on the Environment.