Growing polarization around the insurance sector’s climate risk must be put aside to concentrate on shielding policyholders from skyrocketing claims exacerbated by climate change, the head of a top industry association said this week.
The political landscape has made climate risk a hot-button issue, said Sean Kevelighan, CEO of the Insurance Information Institute. The nonprofit organization, known as Triple-I, focuses on public outreach and education and has more more than 60 insurance company members.
“I think, from our perspective at Triple-I, the focus should be less on the politics in terms of the who and the why, and even how to necessarily stop it, but focusing more on helping communities better adapt and manage their risks,” Kevelighan said Tuesday during a webinar on climate risk and insurance. “It’s getting harder and harder to price the risk, and even more for people to pay for it.”
