The serious environmental damage from recent natural disasters such as Superstorm Sandy has yet to be fully documented or addressed. This kind of damage is not always readily apparent and is often overshadowed in the rush to address more immediate concerns — but it is likely to have serious long-term consequences. Many see Sandy and Katrina as harbingers of the impact of human-induced global climate change with more environmental damage to come.
How can the environmental risks and consequences of climate change, including more severe weather, be managed effectively? In addition to basic recognition of the problem, property and casualty insurance has an important role to play in managing all sorts of climate change risks and off-setting losses, including environmental risks and losses.