Allianz, Munich Re Endorse Global Roundtable Climate Change Accords

Two of the world’s largest insurers – Allianz AG and Munich Re – announced that they have signed on to the joint declaration issued by the Global Roundtable on Climate Change (GRoCC) in New York City on February 20.

In a bulletin on its web site (www.munichre.com) Munich Re explained that the initiative was launched by Jeffrey Sachs, Professor of Economics and Director of the Earth Institute at Columbia University in New York in 2005. “The GRoCC is a committee of high ranked experts from numerous international companies and organizations. Munich Re’s experts were members from the very beginning. fFurther information is available on its web site at: http://www.earthinstitute.columbia.edu/grocc/.

Allianz was also one of the more than 85 companies and organizations who have now endorsed the initiative, which seeks to establish a framework for clean energy and climate change action. Bayer, Citigroup, General Electric, Volvo, and many other leading global companies also signed up.

The statement “calls on governments to set scientifically informed targets for greenhouse gases and carbon dioxide (CO2) emissions,” said a bulletin on the Allianz web site (www.allianz.com). “The agreement also urges governments to place a price on carbon emissions and to set forth policies aimed at addressing energy efficiency and de-carbonization in all sectors.”

Torsten Jeworrek, a Munich Re Board member, noted: “Things are really moving along now. I was very glad to sign the declaration. Munich Re and its experts have been drawing attention to man-made climate change and its effects since 1973. In the long term, global warming will lead to a further increase in weather-related natural catastrophes, the financial impact of which will have to be borne by insurers and the public. Rapid international action is called for, and the GRoCC declaration is intended to provide an impulse.”

Clement Booth, executive board member of Allianz SE, pointed out that “the insurance industry has always played a key role in helping business and society understand new risks. We provide an early warning, if you will. Allianz believes it is already seeing signs that climate change is a serious emerging risk, and we expect it to remain a top-tier issue for the insurance industry for many decades to come. I believe it is our responsibility to address and tackle this risk, making homes and businesses safer and more secure for our clients.”